SB-0568, As Passed Senate, September 20, 2011

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. If the fund or its designee

determines that the project has complied with the written

agreement, 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. If the fund or its designee

determines that the project has complied with the written

agreement, 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. 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) An evaluation of the aggregate return on investment that

this state realizes on the actual eligible investments made.

     (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.

     (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.

     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.