Skip Navigation
Office of the Governor of Michigan, Rick SnyderMichigan.gov, Official Web Site for the State of Michigan
Michigan.gov Home
close print view

Bill signed to allow tax increment financing for waterfront improvement projects

Friday, May 10, 2013

 

LANSING, Mich. - Gov. Rick Snyder has signed legislation that gives local units of government an additional financing tool to fund dredging needs in Michigan's waterways.

 

"Communities that have been struggling to provide water access because of record-low lake levels now have another tool to help them keep our ports, harbors and waterways accessible," Snyder said.

 

Senate Bill 218, sponsored by state Sen. Goeff Hansen, restores the tax increment financing authority (TIFA) for water resources improvement, and expands the types of water improvement projects that are eligible to be funded under the TIFA, including dredging, the removal of spoils, or other improvements or maintenance activities that enhance navigability. It also expands the scope of water improvement districts to include harbors and tributaries. The TIFA program had previously expired in 2011.

 

Tax increment financing uses tax revenues from small increases in property values within districts to finance public improvement projects in the area.

 

SB 218 is now PA 25 of 2013.

 

The governor also signed SB 123, sponsored by state Sen. Dave Hildenbrand.

 

The measure allows the convention facility authorities for the city of Grand Rapids and Kent County to develop, acquire or own more than one facility, including a sports facility, arena or stadium. It also eliminates the 12-year term limit for board members. SB 123 is now PA 26 of 2013.

 

For more information on legislation, visit www.michiganlegislature.org.

 

#####

 

Related Content
 •  Gov. Rick Snyder signs bill ensuring Michigan children have access to career and technical education
 •  Gov. Rick Snyder applauds community colleges for helping adults gain in-demand STEM skills
 •  Gov. Rick Snyder: Detroit transition shows cooperation, commitment as city moves forward
 •  Gov. Rick Snyder: Allen Park financial emergency resolved
 •  Healthy Michigan Plan Enrollment Surpasses 400,000
 •  Gov. Rick Snyder's request for disaster declaration covering Southeast Michigan approved by President Obama
 •  Governor signs order to better serve deaf, deafblind, and hard of hearing
 •  Gov. Rick Snyder signs bill allowing residents to volunteer as payment for Driver Responsibility Fees
 •  Gov. Rick Snyder: Expanded college dual enrollment opportunities helping students, families
 •  Governor Snyder, Mayor Duggan, Goldman Sachs Celebrate First Graduation of 10,000 Small Businesses in Detroit
 •  Gov. Rick Snyder seeks presidential disaster declaration to help residents, businesses after Southeast Michigan flooding
 •  Gov. Rick Snyder: Unemployment drops to 7.4 percent as Michigan continues to move forward
 •  Gov. Rick Snyder proclaims Sept. 20-27 as Michigan Trails Week
 •  Gov. Rick Snyder lowers flags to honor firefighter William Russell Wiita
 •  Gov. Rick Snyder signs bill paving the way for Michigan companies to continue growing
 •  Northern Michigan, U.P. communities impacted by deep freeze eligible for $7.5 million in aid
 •  Gov. Rick Snyder: Legislative action focuses on allowing Michigan companies to continue growth
 •  Gov. Rick Snyder lowers flags for Patriot Day, honors those lost on September 11
 •  Gov. Rick Snyder: Historic water authority deal shows leaders are working together for Michigan's comeback
 •  Gov. Rick Snyder: Mental Health Diversion Council progress report implements strategies to help people, communities
QR code

Michigan.gov Home
PoliciesMichigan NewsMichigan.gov Survey


Copyright © 2014 State of Michigan