Tax increment revenues; transmission to authority; expenditure; reversion of surplus funds; financial status report; Michigan strategic fund, and Michigan state housing development authority; searchable dataset; reporting obligations; performance postaudit report by auditor general; report by owner or developer for active project within brownfield plan; requirements applicable to transformational brownfield plan.

Sec. 16. (1) The municipal and county treasurers shall transmit tax increment revenues to the authority not later than 30 days after tax increment revenues are collected. (2) The authority shall expend the tax increment revenues received only in accordance with the brownfield plan. All surplus funds not deposited in the local brownfield revolving fund of the authority under section 8 must revert proportionately to the respective taxing bodies, except as provided in section 15(16). (3) The authority shall submit annually to the governing body, the department, the Michigan state housing development authority, and the Michigan strategic fund a financial report on the status of the activities of the authority for each calendar year. The report must include all of the following: (a) The total amount of local taxes that are approved for capture and the total amount of taxes levied for school operating purposes that are approved for capture for each parcel included in a brownfield plan. (b) The amount and purpose of expenditures of tax increment revenues. (c) The amount and source of tax increment revenues received for each active brownfield plan that is not a transformational brownfield plan, including the amount of tax increment revenues captured in the most recent tax year and the cumulative amount of tax increment revenues captured for each brownfield plan that is not a transformational brownfield plan, and the amount and source of tax increment revenues, construction period tax capture revenues, withholding tax capture revenues, income tax capture revenues, and sales and use tax capture revenues received for each active brownfield plan that is a transformational brownfield plan, including the amount of tax increment revenues, construction period tax capture revenues, withholding tax capture revenues, income tax capture revenues, and sales and use tax capture revenues captured in the most recent tax year and the cumulative amount of tax increment revenues, construction period tax capture revenues, withholding tax capture revenues, income tax capture revenues, and sales and use tax capture revenues captured for each brownfield plan that is a transformational brownfield plan. (d) The initial taxable value of all eligible property subject to the brownfield plan. (e) The captured taxable value realized by the authority for each eligible property subject to the brownfield plan. (f) The amount of actual capital investment made for each project. (g) The amount of tax increment revenues attributable to taxes levied for school operating purposes used for activities described in section 13b(6)(c), section 2(o)(i)(F) and (G), and section 2(o)(iii)(B) and (C). (h) The number of residential units constructed or rehabilitated for each project. (i) The amount, by square foot, of new or rehabilitated residential, retail, commercial, or industrial space for each project. (j) The number of new jobs created at the project. (k) A copy of all brownfield plan amendments approved by the local governmental unit. (l) All additional information that the governing body, the department, or the Michigan strategic fund considers necessary. (4) Not later than April 1, 2027, the Michigan strategic fund shall create a searchable dataset of all work plans approved under this act. The Michigan strategic fund shall compile the information on work plans approved by the Michigan strategic fund, the department, the department of treasury, and the Michigan state housing development authority into the dataset. The dataset must be available to the public on the website of the Michigan strategic fund or the Michigan economic development corporation. At a minimum, the dataset must be searchable by location, project name, and the name of the owner or developer of the project. The Michigan strategic fund does not have to include information regarding work plans that expire, or are abolished or terminated, before April 1, 2027, in the dataset. However, information regarding work plans that expire, or are abolished or terminated, on or after April 1, 2027 must be retained in the dataset. The department, the department of treasury, and the Michigan state housing development authority shall cooperate with the Michigan strategic fund as necessary for the creation and maintenance of the dataset under this subsection and are responsible for confirming their own data for the dataset created under this subsection. (5) The Michigan strategic fund shall, on a quarterly basis, update the dataset described in subsection (4) with all of the following information: (a) The name, location, and amount of tax increment revenues, including taxes levied for school operating purposes, for each project approved by the department under this act during the immediately preceding quarter, which information must be provided by the department to the Michigan strategic fund. (b) The name, location, and amount of tax increment revenues, including taxes levied for school operating purposes, for each project approved by the Michigan strategic fund under this act during the immediately preceding quarter. (c) The name, location, and amount of tax increment revenues, including taxes levied for school operating purposes, for each project approved by the Michigan state housing development authority under this act during the immediately preceding quarter, which information must be provided by the Michigan state housing development authority to the Michigan strategic fund. (6) In addition to any other requirements under this act, not less than once every 4 years, the auditor general shall conduct and report a performance postaudit on the effectiveness of the program established under this act. As part of the performance postaudit, the auditor general shall assess the extent to which the implementation of the program by the department, the Michigan state housing development authority, and the Michigan strategic fund facilitate and affect the redevelopment or reuse of eligible property and identify any factors that inhibit the program's effectiveness. The performance postaudit must also assess the extent to which the interpretation of statutory language, the development of guidance or administrative rules, and the implementation of the program by the department, the Michigan state housing development authority, and the Michigan strategic fund is consistent with the fundamental objective of facilitating and supporting timely and efficient brownfield redevelopment of eligible properties. If the performance postaudit indicates that transformational brownfield plans under the program are not resulting in the expected levels of capital investment, the Michigan strategic fund must review the transformational brownfield plans and determine whether an action described in section 14a(8) should be taken. (7) The owner or developer for an active project included within a brownfield plan must annually submit to the authority a report on the status of the project. The report must be in a form developed by the authority and must contain information necessary for the authority to report under subsection (3)(f), (h), (i), (j), and (k). The authority may waive the requirement to submit a report under this subsection. As used in this subsection, "active project" means a project for which the authority is currently capturing taxes under this act. (8) For a transformational brownfield plan, all of the following also apply: (a) The state treasurer shall transfer to the state brownfield redevelopment fund each fiscal year an amount equal to the construction period tax capture revenues, withholding tax capture revenues, income tax capture revenues, and sales and use tax capture revenues under all approved plans as provided for in section 8a(4). Funds must be transmitted to the authority, or owner or developer of the eligible property to which the revenues are attributable, not later than 30 days after transfer to the state brownfield redevelopment fund. (b) The authority, the department, the department of treasury, the Michigan state housing development authority, and the Michigan strategic fund shall follow the reporting and dataset requirements of subsections (3), (4), and (5), as applicable to each entity, with respect to all approved transformational brownfield plans, and shall provide information on the amount and use of construction period tax capture revenues, withholding tax capture revenues, income tax capture revenues, and sales and use tax capture revenues to the same extent required for tax increment revenues. (c) The owner or developer of active projects included within a transformational brownfield plan shall provide the information required for the authority, the department, the department of treasury, the Michigan state housing development authority, and the Michigan strategic fund to satisfy the reporting, dataset, and audit requirements of this section. (9) If activities of the authority include housing development activities, the report under subsection (3) must also include all of the following: (a) The number of housing units produced. (b) The number of income qualified purchaser households served. (c) The number of income qualified renting households assisted. (d) For the initial reporting period, the prices at which the housing units were sold or rented. (e) Racial and socioeconomic data on the individuals purchasing or renting the housing units, or, if this data is not available, racial and socioeconomic data on the census tract in which the housing units are located. (10) As used in this section, "Michigan economic development corporation" means that term as defined in section 4 of the Michigan strategic fund act, 1984 PA 270, MCL 125.2004.