MI HB5086

Increases the maximum number of additional renaissance zones that can be designated for agricultural processing facilities from 30 to 40.

Requires the board to consider economic impact on local suppliers, job creation relative to community employment base, project viability, community economic impact, and preference for businesses already located in Michigan when designating zones.

Mandates that at least 3 renaissance zones be designated for agricultural processing facilities with initial capital investment under $7,000,000 and at least 5 zones in rural areas.

Requires a development agreement between the Michigan Strategic Fund and each agricultural processing facility that includes compliance with state and local laws and annual reporting on capital investment, employment numbers, and percentage of raw materials purchased in-state.

Allows the board to revoke zone designations if facilities fail to commence operation, cease operation, or fail to commence construction or renovation within 1 year of designation.