The purpose of the Economic Development Corporation / Tax Increment Finance Authority/Brownfield Redevelopment Authority Board of Directors is to provide economic development direction and staff to the City of Lansing through an annual contract. Provided for by Public Act 338, for the undertaking of projects relative to the economic development of municipalities, which may include: providing for the issuance of bonds, notes and other forms of indebtedness to support development and redevelopment efforts of both industrial and commercial enterprises for the attraction and retention of employment within the municipality. The EDC issues bonds under the Brownfield Authority and under state statute the Board can approve and administer Brownfield work plans.
The Tax Increment Financing Authority (TIFA) has been created to capture and administer tax capture within the entire downtown area. TIFA can also issue bonds. TIFA assists the municipality by promoting growth in a given area. TIFA can borrow money, but projects are limited to improvements to public facilities.
Shall not consist of less than 9 persons, not more than 3 of whom shall be an officer or employee of the municipality. The chief executive officer and any member of the governing body of the municipality may serve on the board of directors. These directors shall be appointed for terms of 6 years, except of the directors first appointed,
4 shall be appointed for 6 years, 1 for 5 years, 1 for 4 years, 1 for 3 years, 1 for 2 years, and 1 for 1 year. They are to represent neighborhoods and businesses that may be affected by their projects. Directors shall be public officers.