About an hour ago, the Governor and House and Senate leadership announced the final budget deal for the 2011-2012 fiscal year. 

Of the extra $310 million available (due to updated revenue estimates), another $30 million will be added to revenue sharing.  $15 million will go to the "Economic Vitality Incentive" grants which are replacing statutory revenue sharing. The other $15 million will go to county revenue sharing.

For Brownfield and Historic credit replacement, $50 million will be added to the $25 million already in the pot for Business Attraction and Economic Gardening for a total of $75 million.  This money will be placed in the Michigan Strategic Fund for economic development activities, such as replacement of the brownfield redevelopment and historic preservation credits.  It will also replace MEGA credits, though, and the distribution is yet to be determined (that will come in future legislation). 

So, in total, that is an additional $65 million dollars that the League was able to secure for our members out of the $310 million in new money available!

Details are still emerging, and once we have the full details we will report it here.

Andy Schor is the Assistant Director of State Affairs for the Michigan Municipal League. Contact him at (517) 908-0300 or by email at aschor@mml.org.

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