SB-1203, As Passed House, April 10, 2008

SUBSTITUTE FOR

SENATE BILL NO. 1203

     A bill to amend 1986 PA 281, entitled

"The local development financing act,"

(MCL 125.2151 to 125.2174) by adding section 12b.

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

     Sec. 12b. A municipality that has created an authority in

which a certified technology park has been designated under this

act may enter into an agreement with another authority that does

not contain a certified technology park to designate a distinct

geographic area within the authority district as a certified

technology park. The authority shall consider the advantages of the

unique characteristics and specialties offered by the public and

private resources available in the distinct geographic area, shall

consider the benefits to regional cooperation and collaboration,

and shall consider whether designating the additional distinct

geographic area adds value to the mission of the designated

certified technology park. The distinct geographic area is subject

to the provisions of section 12a(3), (4), and (5). The state

treasurer shall not approve the capture of amounts levied by the

state under the state education tax act, 1993 PA 331, MCL 211.901

to 211.906, and by local and intermediate school districts as

permitted in section 2(ee)(ii)(B) for more than 3 distinct

geographic areas designated under this section. A copy of the

designation shall be filed with the Michigan economic development

corporation.

     Enacting section 1. This amendatory act does not take effect

unless House Bill No. 5609 of the 94th Legislature is enacted into

law.