House committee passes Richardville bill that will encourage economic growth in local communities
The House Commerce Committee today approved legislation that will encourage additional economic growth in Michigan communities, said Sen. Randy Richardville, sponsor of the bill, which passed the Senate unanimously in October.
"This measure enables more townships and communities to retain and attract businesses in the state," said Richardville, R-Monroe. "This invaluable tool helps promote economic growth and create jobs in local communities."
Senate Bill 455 will expand the Local Development Finance Authority Act to permit more townships to take advantage of the resources such authority can provide. They allow a city, village or urban township to capture tax revenue from development projects to fund public infrastructure improvements.
"Communities across Michigan have utilized this tool to extend sewer and water lines and construct roads, manufacturing, agriculture processing or high technology operations," Richardville said. "I'm pleased that my colleagues who serve on the House Commerce Committee recognize that this is a great opportunity for communities who may not have an abundance of resources."
Jim Stormont, Grass Lake Township supervisor, testified before the committee about the importance of the measure.
"There are many exciting things happening in Grass Lake right now," Stormont said. "Companies are currently expanding their facilities or moving to the township and creating jobs for area residents. Having a Local Development Finance Authority will help the township attract even more companies. It's a great opportunity to bring businesses to a small community."
The bill will now go to the full House of Representatives for consideration.
Posted: Tuesday, December 11, 2007
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