MI HB4723

Amends the Renaissance Zone Act to add definitions for agricultural processing facilities, forest products processing facilities, renewable energy facilities, and border crossing facilities.

Authorizes the Michigan Strategic Fund board to designate up to 25 additional renaissance zones for border crossing facilities in qualified border local governmental units with local consent, with a 15-year duration.

Requires each border crossing renaissance zone to be one continuous distinct geographic area and allows the board to revoke designation if the facility fails to commence operation, ceases operation, or fails to begin construction/renovation within one year.

Mandates a development agreement between the Michigan Strategic Fund and border crossing facilities requiring compliance with state and local laws, annual reporting on capital investment, employment, and in-state material purchases.

Defines a qualified border local governmental unit as a city with 30,000-36,000 population containing an international border crossing or an adjacent township, with the law effective immediately upon approval on February 24, 2010.