DOWNTOWN DEVELOPMENT AUTHORITY - H.B. 6043 (H-2): FLOOR ANALYSIS
House Bill 6043 (Substitute H-2 as reported without amendment)
Sponsor: Representative Tom Meyer
House Committee: Commerce
Senate Committee: Economic Development, International Trade and Regulatory Affairs
CONTENT
The bill would amend the downtown development authority Act to ratify and validate an ordinance, enacted by a municipality with a population over 1,000 and less than 2,000, establishing an authority, creating a district, or approving a development plan or tax increment financing plan or an amendment to an authority, district, or plan, and all actions taken or to be taken under that ordinance, including the issuance of bonds. The ordinance would be ratified and validated even if notice for the public hearing on the establishment of the authority, creation of the district, or approval of the development plan or tax increment financing plan, or on the amendment, were not published, posted, or mailed at least 20 days before the hearing, as long as notice was either published or posted at least 10 days before the hearing or the authority was established in 1990 by a municipality that filed the ordinance with the Secretary of State by July 1991. Under the bill, "notice was either published or posted" would mean that either publication or posting of the notice occurred at least once.
The bill would apply only to an ordinance or an amendment adopted before January 1, 1999, and would include any bonds or amounts to be used by the authority to pay the principal of and interest on bonds that had been issued or that were to be issued by the authority or the incorporating municipality. An authority for which an ordinance establishing the authority, or an amendment to that ordinance, had been published before February 1, 1991, would be considered to have promptly filed the ordinance or amendment with the Secretary of State if it were filed with the Secretary of State before December 31, 2002.
The validity of the proceedings or findings establishing an authority described in the bill, or of the procedure, adequacy of notice, or findings with respect to the approval of a development plan or tax increment financing plan for an authority described in the bill would be conclusive with respect to the capture of tax increment revenues for a bond issued after June 1, 2002, and before June 1, 2006.
Proposed MCL 125.1653d - Legislative Analyst: Patrick Affholter
FISCAL IMPACT
The bill would have no fiscal impact on State or local government.
Date Completed: 5-29-02 - Fiscal Analyst: David ZinFloor\hb6043 - Bill Analysis @ http://www.senate.state.mi.us/sfa
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.