Introduced
by
To no longer require voter approval for a local government to borrow by selling general obligation bonds to finance the development program of a <a href="http://www.michiganvotes.org/2005-SB-34">"Corridor Improvement Authority”</a> tax increment financing plan. The bill would also revise some of the procedures by which these authorities exercise their power to levy special assessments (property taxes), borrow, or use tax increment financing to pay for economic development and improvement projects in a commercial district along a road classified as an arterial or collector road.
Referred to the Committee on Economic Development and Regulatory Reform
Reported without amendment
With the recommendation that the substitute (S-4) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.
The substitute passed by voice vote
Passed in the Senate 37 to 1 (details)
Referred to the Committee on New Economy and Quality of Life
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Passed in the House 107 to 0 (details)
To no longer require voter approval for a local government to borrow by selling general obligation bonds to finance the development program of a <a href="http://www.michiganvotes.org/2005-SB-34">"Corridor Improvement Authority”</a> tax increment financing plan. The bill would also revise some of the procedures by which these authorities exercise their power to levy special assessments (property taxes), borrow, or use tax increment financing to pay for economic development and improvement projects in a commercial district along a road classified as an arterial or collector road.
