Economic development: brownfield redevelopment authority; environmental brownfield redevelopment program; modify. Amends sec. 8a of 1996 PA 381 (MCL 125.2658a). TIE BAR WITH: SB 0898'26

This bill modifies Michigan's Brownfield Redevelopment Financing Act to update how the state manages funds for cleaning up and redeveloping contaminated properties. It establishes a specific grant and loan program administered by the Michigan Strategic Fund to support eligible redevelopment activities on brownfield sites. The legislation sets a 60-day limit for the fund to review and decide on applications, requiring written agreements that outline project terms and penalties for non-compliance. Additionally, the bill clarifies how various tax capture revenues from redevelopment plans are deposited into and distributed from the state Brownfield Redevelopment Fund. Because the bill contains an enacting section, it will only become law if a companion bill, SB 898, is also passed.