MI SB0697

Allows the board to designate up to 30 additional renaissance zones for agricultural processing facilities with local consent, each comprising one continuous geographic area.

Requires development agreements between the Michigan Strategic Fund and agricultural processing facilities, including reporting requirements on capital investment, employment numbers, and percentage of in-state raw materials purchased.

Mandates designation of at least 3 renaissance zones for facilities with initial capital investments under $6,500,000 and at least 5 zones in rural areas.

Exempts tool and die renaissance recovery zones with duration of 15 years or more from the phase-out provision that reduces tax exemptions, deductions, or credits by 25%, 50%, and 75% in the final three years of zone designation.

Requires consideration of economic impact on local suppliers, job creation relative to community employment base, project viability, community economic impact, and preference for in-state business entities when designating agricultural processing zones.