Financing tool approved for dredging

LANSING, Mich. – Gov. Rick Snyder has signed legislation that gives local units of government an additional financing tool to fund dredging needs in Michigan’s waterways.

“Communities that have been struggling to provide water access because of record-low lake levels now have another tool to help them keep our ports, harbors and waterways accessible,” Snyder said.

Senate Bill 218, sponsored by state Sen. Goeff Hansen, restores the tax increment financing authority (TIFA) for water resources improvement, and expands the types of water improvement projects that are eligible to be funded under the TIFA, including dredging, the removal of spoils, or other improvements or maintenance activities that enhance navigability. It also expands the scope of water improvement districts to include harbors and tributaries. The TIFA program had previously expired in 2011.

Tax increment financing uses tax revenues from small increases in property values within districts to finance public improvement projects in the area.

SB 218 is now PA 25 of 2013.

The governor also signed SB 123, sponsored by state Sen. Dave Hildenbrand.

The measure allows the convention facility authorities for the city of Grand Rapids and Kent County to develop, acquire or own more than one facility, including a sports facility, arena or stadium. It also eliminates the 12-year term limit for board members. SB 123 is now PA 26 of 2013.

For more information on legislation, visit www.michiganlegislature.org.