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LANSING, MI-The Michigan House Land Use and Environment Committee has approved legislation bystateRep. Gene DeRossett to help revitalize urban areas and encourage better landuse.”This will enable Michigan to redevelop existing properties so we are ableto preserve open space and precious farmland,” said DeRossett(R-Manchester). “Rather than develop farmland and wood lots, we shouldencourage investment in areas with infrastructure already in place.”

The legislation, House Bill 4482, is part of a five-bill package to createtheMichigan Land Bank Redevelopment Fast Track Authority, a new autonomousentity appointed by the governor that will be able to clear the titles on anestimated 10,000 stare-owned tax reverted properties.

The package will also provide for municipalities to create a similarauthorityto clear the titles on an estimated 50,000 locally owned tax revertedproperties. This would then allow for the properties to be returned toproductive use, DeRossett said.

The measure establishes a new method to clear titles by allowing localgovernments to exempt tax reverted parcels from property taxes for up tofive years and borrow money at low interest rates from me state tofacilitate clearing additional titles.A new tax would be imposed on the property with half the proceeds going tohelp local governments clear titles on other tax reverted property or repaystate loans.The remainder of the tax revenue would go to state and local services.

“This is part of an effort I’ve been working on for more than four years,”DeRossett said. “I’m pleased to see this common-sense initiative movingforward so that we can begin the process of placing tax-reverted propertiesback in the free market system and allow the entrepreneurial spirit tothrive.”

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