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SB289: Transformational Brownfield Program Amendments (May 23, 2023)

Summary

This document on SB289, Transformational Brownfield Program Amendments, dated May 23, 2023, says the TBP legislation was enacted in 2017 with strong bipartisan support and amended in 2021. It says the program cap is about to be reached. It states that SB289 reauthorizes the program by increasing the cap by $40 million per year. It also says SB289 requires at least 33% of TBPs to be in communities smaller than 100,000 and at least 33% in communities between 100,000 and 225,000. It adds that the prior formula was focused on office-centric redevelopments.

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Cite this document

“SB289: Transformational Brownfield Program Amendments (May 23, 2023).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2023-05-23-testimony-hecon-2023-senator-moss-and-jared-fleisher-39299-abd96ca3db/, SHA-256 98f0071d54f83c892eec08ddcb14fd7f8818ab08045184da261de97bd2737e94.

Full text

SB289: TRANSFORMATIONAL BROWNFIELD PROGRAM
                AMENDMENTS
                  May 23, 2023
A BRIEF HISTORY OF
THE TBP LEGISLATION

• Enacted in 2017 with strong
  bipartisan support.
• Amended in 2021 to make it easier
  for communities to access.
• Program cap is about to be
  reached.
• Needs to be extended, and further
  reformed, so communities
  throughout Michigan can benefit.

                                      2
WHAT IS A
TRANSFORMATIONAL
BROWNFIELD PROJECT?
Transforming
the
Vicksburg Mill


                 4
Transforming the
Book Tower




                   5
Transforming the
Hudson’s Site

                   6
HOW DOES THE TBP PROGRAM WORK?
• TBP builds on the longstanding brownfield program to make it work
  for the largest and most challenging projects.

• Traditional brownfield tax increment financing relies primarily on local
  support. But that is not enough for the most difficult projects.

• TBP recognizes the state has a role in supporting transformational
  community development and allows incremental state tax dollars
  generated from brownfield sites to be reinvested into the projects to
  make them financially feasible.

                                                                          7
WHY TBP HAS ALWAYS HAD
STRONG BI-PARTISAN
SUPPORT
   No Money Upfront: Not a grant, not a credit



   Smart Economic Policy: Vacant sites produce no benefits;
   reinvesting new taxes to enable redevelopment is a win-win


   Need-Based: TBP assistance is strictly limited to the amount
   needed to make the project possible


   Performance-Based: If a project is not completed, there are
   no benefits


   Statewide Need and Benefit: Strong support from
   communities in every corner of Michigan


                                                                  8
What Does SB289 Do?
1. Reauthorizes the Program—Increases the cap by $40 million per year to enable
   transformational projects throughout the state to move forward. Without this
   legislation, these projects will not be possible.

2. Ensures Geographic Equity: Requires at least 33% of TBPs to be in communities
   smaller than 100,000 and at least 33% of TBPs to be in communities between
   100,000 and 225,000.

3. Updates the Program: Prior formula was focused on office-centric redevelopments.
   The world has changed, and the TBP program needs to adapt to support the “live-
   play” developments that our communities, and our state, need.


                                                                                   9
WHY IS SB289 SO IMPORTANT?
                                                           TALENT IS ON THE MOVE…


      It’s About Talent: Building vibrant cities and
      town centers is fundamentally about
      attracting and retaining talent to grow our
      state.



      It’s About The Jobs of the Future: Creating
      high quality places where talent wants to
      live is essential to attract the knowledge
      economy jobs of the future.
                                                        AND THE DATA SHOWS THEY ARE
                                                         MOVING TO VIBRANT, HIGHLY
                                                       AMENITIZED COMMUNITIES OUTSIDE
                                                                 THE COASTS.

                                                                               10
THANK YOU

            11

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