MI SB0358

Allows municipalities with local development finance authorities to apply to the Michigan Economic Development Corporation for designation of certified technology parks within their authority districts.

Certified technology parks must demonstrate significant support from institutions of higher education or private research institutes, including access to intellectual property, facilities, faculty, and financial commitments.

Authorizes authorities and municipalities to set below-market sale prices or rental rates for public facilities within certified technology parks if determined to increase employment or private investment.

Permits the Michigan Economic Development Corporation to designate an additional 2 certified technology parks after June 1, 2009 and before April 1, 2010.

Requires the state to reimburse intermediate and local school districts for tax revenue lost to certified technology parks designated after October 3, 2002 under the additional park provisions.