SB-0568, As Passed Senate, December 6, 2011
HOUSE SUBSTITUTE FOR
SENATE BILL NO. 568
A bill to amend 1984 PA 270, entitled
"Michigan strategic fund act,"
(MCL 125.2001 to 125.2094) by adding sections 90c and 90d.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 90c. Upon completion of a project for which the board has
approved a community revitalization grant under section 90b, the
applicant may apply to the fund for the grant and may assign a
grant by submitting written request of the assignment to the fund.
The board shall develop and implement the use of an application
form and assignment form to be used under this section. Within 90
days of receipt of an application for disbursement, the fund or its
designee shall then determine whether the project has complied with
the terms of the written agreement and, if applicable, the federal
secretary of the interior's standards for rehabilitation and
guidelines for rehabilitating historic buildings, 36 CFR 67. If the
fund or its designee determines that the project has complied with
the written agreement and, if applicable, the federal secretary of
the interior's standards for rehabilitation and guidelines for
rehabilitating historic buildings, 36 CFR 67, the fund shall issue
the grant proceeds to the applicant or, if the grant has been
assigned, to the assignee.
Sec. 90d. (1) Upon completion of a project for which the board
has approved a community revitalization loan under section 90b, the
applicant may apply to the fund for the loan proceeds and may
assign some or all of the loan proceeds by submitting written
notice of the assignment to the fund. The board shall develop and
implement the use of an application for disbursement form and
assignment form to be used under this subsection. Within 90 days of
receipt or disbursement of an application for disbursement, the
fund or its designee shall determine whether the project has
complied with the written agreement and, if applicable, the federal
secretary of the interior's standards for rehabilitation and
guidelines for rehabilitating historic buildings, 36 CFR 67. If the
fund or its designee determines that the project has complied with
the written agreement and, if applicable, the federal secretary of
the interior's standards for rehabilitation and guidelines for
rehabilitating historic buildings, 36 CFR 67, the fund shall
distribute the loan proceeds to the applicant or, if the loan
proceeds have been assigned, to the assignee.
(2) The board shall develop criteria for repayment of the
community revitalization loan.
(3) The proceeds from repayment of community revitalization
loans under subsection (2) shall be paid into the investment fund
described in section 88h and expended exclusively for community
revitalization incentives under this chapter.
(4) Beginning November 1, 2012 and each year thereafter, the
fund shall report to each house of the legislature on the
activities of the fund under this chapter that occurred in the
previous fiscal year. The report shall be made available in an
electronic format. Except as otherwise provided in this subsection
or in this act, the fund shall not divulge sensitive or private
financial information associated with a community revitalization
incentive. The report shall include, but is not limited to, all of
the following:
(a) The total proposed amount of private investment attracted
under this section.
(b) The total actual amount of private investment attracted
under this section as reported to the fund.
(c) The total number of new written agreements.
(d) The amount of the community revitalization incentives
awarded under this chapter separately for each project.
(e) The actual amount of the community revitalization
incentives made under this chapter separately for each project.
(f) The total actual amount of square footage revitalized or
added for each project approved under this section as reported to
the fund. When reporting square footage, the person must report the
square footage by category, including, but not limited to,
commercial, residential, or retail.
(g) The aggregate increase in taxable value of all property
subject to a written agreement under this chapter when established
and recorded by the local units of government and as reported to
the fund.
(h) A summary of all written agreements for community
revitalization loans.
(i) The total actual number of residential units revitalized
or added for each project approved under this section as reported
to the fund.
(j) The identity of persons who received a community
revitalization incentive outside the program standards and
guidelines and why the variance was given.
(k) The amount of administrative costs used to administer the
programs and activities authorized under this chapter.
(l) A summary of the projected and actual aggregated taxpayer
return on investment for each eligible investment that received a
distribution in the reporting period.
(5) Beginning February 1, 2012 and not less than every 3
months thereafter, the fund shall post on its internet website the
name and location of a person who received approval of community
revitalization investment under this chapter in the immediately
preceding 3-month period.
(6) Beginning on and after January 1, 2012, on a monthly basis
the fund shall provide exact copies of all information that is
provided to board members of the fund for the purpose of monthly
board meetings, subject to confidentiality under section 5, to each
Senate Bill No. 568 (H-4) as amended November 30, 2011
of the following:
(a) The chairperson [and minority vice-chairperson] of the house
commerce committee.
(b) The chairperson [and minority vice-chairperson] of the house
appropriations subcommittee
on general government.
(c) The chairperson [and minority vice-chairperson] of the senate
economic development
committee.
(d) The chairperson [and minority vice-chairperson] of the senate
appropriations subcommittee
on general government.
Enacting section 1. This amendatory act does not take effect
unless all of the following bills of the 96th Legislature are
enacted into law:
(a) Senate Bill No. 566.
(b) Senate Bill No. 567.