Senate passes Richardville bill that will encourage economic growth in local communities
LANSING- The Senate approved legislation Wednesday that will encourage additional economic growth in Michigan communities, said Sen. Randy Richardville, sponsor of the bill.
"This measure enables more townships and communities to retain and attract businesses in the state," said Richardville, R-Monroe. "It is an invaluable tool for them to 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.
Jim Stormont, Grass Lake Township supervisor, testified before the Senate Economic Development and Regulatory Reform 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."
Grass Lake Township in Jackson County will take advantage of the authority by expanding the Tenneco Automotive engineering center.
"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. "This is a great opportunity for communities who may not have an abundance of resources."
The bill will now go to the House of Representatives for consideration.
Posted: Thursday, October 25, 2007
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