Economic development: brownfield redevelopment authority; environmental brownfield redevelopment program; modify. Amends sec. 8a of 1996 PA 381 (MCL 125.2658a). TIE BAR WITH: HB 5286'25

HB 5287 creates a revolving "state brownfield redevelopment fund" within Michigan's Department of Treasury to support cleanup and redevelopment of contaminated or underused industrial sites (brownfields). The fund receives tax revenues from brownfield projects (construction, income, sales taxes) and uses these funds to provide grants and loans through the Michigan Strategic Fund for eligible cleanup activities on brownfield properties. It also allocates up to 15% of annual deposits for administrative costs and directs specific revenue streams to the Clean Michigan Initiative and housing development funds. This bill directly affects property developers, local governments, and the Michigan Strategic Fund by establishing a dedicated funding mechanism for brownfield redevelopment.