Economic development: downtown development authorities; definition of downtown district; modify. Amends sec. 201 of 2018 PA 57 (MCL 125.4201).

This bill amends the Michigan Tax Increment Financing Act to update the definitions of specific terms used by downtown development authorities. The changes clarify how various concepts, such as "captured assessed value" and "catalyst development projects," are calculated and designated within municipal business districts. By refining these definitions, the legislation aims to provide clearer guidance for authorities managing economic development plans and tax increment financing in downtown areas.