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Michigan enacted legislation creating the Michigan Community Revitalization Program to provide community revitalization incentives such as loans, grants, or other economic assistance. [S.B. 567 and S.B. 568, enacted 12/13/11]
S.B. 567 directs the Michigan Strategic Fund (MSF) to create and operate the Michigan Community Revitalization Program. Properties which are eligible for the incentives include brownfield sites, historic buildings or structures, and blighted properties.
The legislation provides information on applying for the incentives, and the approval process. The amount of incentives that can be approved for a single project is limited to 25 percent of a project's eligible investment, up to a cap of $10 million. A community revitalization loan is limited to $10 million, a grant is limited to $1 million, and a combination of incentives cannot exceed $10 million per project.
If the board approves an application, it will enter into a written agreement with the applicant. The agreement must include all conditions for the incentives, and provide for repayment and penalties if the applicant fails to comply with the agreement.
S.B. 568 provides that upon completion of a project, the applicant may apply for the loan proceeds, and may assign some or all of the proceeds. The legislation directs the MSF board to report fund activities to the legislature each year beginning Nov. 1, 2012.
Both S.B. 567 and S.B. 568 took effect Dec. 13.
Full text of S.B. 567 is available at http://www.legislature.mi.gov/documents/2011-2012/publicact/pdf/2011-PA-0252.pdf.
Full text of S.B. 568 is available at http://www.legislature.mi.gov/documents/2011-2012/publicact/pdf/2011-PA-0253.pdf.
By Denise Ryan
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