Introduced by Sen. Rick Jones R-Grand Ledge on October 17, 2013
To allow a city of Lansing “tax increment finance authority” to refinance debt incurred to build garage structures with new loans that have maturities beyond what is currently allowed, and exempt these from a 2001 law that restricts refinancing loans if there is no overall benefit to the municipality. Lansing wants to extend its loans for cash flow purposes, because the extra tax revenue it presumed would result from projects funded by the debt has not been forthcoming. This would be the second time the legislature has allowed Lansing to extend debt in a manner not permitted by that 2001 municipal debt reform. Official Text and Analysis.
Referred to the Senate Economic Development Committee on October 17, 2013