Governor signs Richardville divestment and downtown development legislation
LANSING - The governor today signed legislation sponsored by Sen. Randy Richardville as part of two important economic packages that will help redevelop Michigan’s downtowns and prevent state funds from being invested in companies that do business with terrorist nations.
Senate Bill 974, now Public Act 227 of 2008, will re-establish the Commercial Redevelopment Act to provide property tax benefits to companies that rehabilitate obsolete commercial facilities in downtown business districts or build new structures in previously developed areas. The act became law in 1978 but ended 10 years later.
“Michigan’s struggling economy is one of the main concerns facing state residents and businesses,” said Richardville, R-Monroe. “The downtown development package will help make these areas more vibrant and encourage much needed economic growth.”
The second piece of Richardville legislation signed into law was part of the Senate’s divestment package.
SB 849, now Public Act 236 of 2008, will help ensure that major state natural resources funds are not invested in businesses that actively work with terrorist countries as designated by the U.S. State Department. The four nations that currently meet this definition are Iran, Sudan, Syria, and Cuba.
“State funds should not be used to help the terrorists that our brave men and women are fighting to protect us from,” Richardville said. “Other states have adopted similar legislation which has helped prevent millions of dollars from going to terrorist countries. I am pleased that Michigan can now do the same.”
At least 16 other states have enacted divestment measures, and approximately 31 other states are considering such legislation.
The governor has signed three Richardville-sponsored bills into law this month. Sen. Richardville has authored 13 public acts since the beginning of the legislative term last year.
Posted: Thursday, July 17, 2008
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