July 13, 2011, Introduced by Senator HANSEN and referred to the Committee on Economic Development.
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. (1) Upon completion of a project for which the board
has approved a community revitalization voucher under section 90b,
the applicant may apply to the fund for the voucher and may assign
a voucher by submitting written notice 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
subsection. Within 90 days of receipt of an application, the fund
or its designee shall then determine whether the project has
complied with the terms of the agreement. If the fund or its
designee determines that the project has complied with the
agreement, the fund shall issue the voucher to the applicant or, if
the voucher has been assigned, to the assignee.
(2) When a person receives a voucher, the person may submit
the voucher to the department of treasury. The department of
treasury shall pay the amount of the voucher to that person within
60 days after receiving the voucher.
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 agreement. If the fund or its designee determines
that the project has complied with the agreement, the fund shall
issue a certificate of completion to the applicant or, if the loan
proceeds have been assigned, to the assignee.
(2) When a person receives a certificate of completion, the
person may submit the certificate of completion to the department
of treasury. The department of treasury shall pay the loan proceeds
to that person within 60 days after receiving the certificate of
completion.
(3) The board shall develop criteria for repayment of the
community revitalization loan.
(4) The proceeds from repayment of community revitalization
loans under subsection (3) shall be paid into the investment fund
described in section 88h and expended exclusively for community
revitalization incentives under this chapter.
(5) 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 and verified by 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. 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.
(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.
(j) The identity of persons who received a community
revitalization incentive outside the program standards and
guidelines and why the variance was given.
(6) 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 2-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.