Economic development: downtown development authorities; definition of downtown district; modify. Amends sec. 201 of 2018 PA 57 (MCL 125.4201). TIE BAR WITH: HB 5455'26

Added a new definition for 'Development area' to specify the geographic zone where development plans apply.

Updated the definition of 'Chief executive officer' to include township superintendents and township managers, broadening the range of officials who can lead projects under this act.

Corrected numerous grammatical errors and awkward phrasings in existing definitions (e.g., changing 'shall must not be no more than' to 'shall be no more than') to improve legal clarity.

Corrected the definition of 'Advance' to remove redundant language and clarify what evidence proves intent to repay.

Fixed the definition of 'Captured assessed value' to remove contradictory phrasing ('at least not less than') and ensure clear calculation methods.

Updated the definition of 'Catalyst development project' to remove redundant phrasing ('at least not less than') and correct the limit on the number of projects per authority.

Revised the definition of 'Initial assessed value' to fix grammatical errors and clarify rules for municipalities with populations under 35,000 and those with expired plans.

Added new definitions for 'Operations', 'Other protected obligation', and 'Public facility' to expand the scope of what costs and assets are covered under the act.

Modified the definition of 'Tax increment revenues' to correct references to state education tax acts and clarify how revenues are calculated for school districts and large cities.

Adjusted specific dates in the 'Other protected obligation' definition, such as changing the cutoff for certain obligations from 1993 to 1994 and updating references to bond maturity dates.

The definition of 'Chief executive officer' was expanded to include township supervisors, township superintendents, and township managers, allowing them to serve as the chief executive for township authorities.

The definition of 'Initial assessed value' was significantly expanded to include special rules for municipalities with populations under 35,000 that established authorities before 1985 and for areas designated as renaissance zones, ensuring historical tax bases are preserved for these specific cases.

The definition of 'Catalyst development project' was clarified to specify that there must not be more than one such project designated within each authority.

The definition of 'Other protected obligation' was updated to include various specific obligations incurred after August 19, 1993, such as those related to site reclamation grants, specific loan approvals, and catalyst development project costs.

The definition of 'Tax increment revenues' was modified to clarify which taxes are included or excluded, particularly regarding state education taxes and taxes levied for specific purposes like zoological or art institute authorities.

The definition of 'qualified township' was updated to include townships that were not eligible to create an authority before January 3, 2005, provided they adjoin an existing authority and are part of the same joint planning commission.