SB-1083 Summary

• Establishes the "next Michigan development act" to encourage economic development, job creation, and retention through intergovernmental development corporations designated as "next Michigan development corporations."

• Allows eligible act 7 entities (interlocal agreements between 2+ local governments including at least 1 county and 1 qualified local government) or eligible urban entities (cities with 100,000+ population that are largest in their metropolitan statistical area) to apply to the Michigan Strategic Fund board for designation as next Michigan development corporations, limited to 5 total statewide and no more than 2 per calendar year (3 if one is north of 43°49').

• Grants next Michigan development corporations authority to exercise economic development powers under the Michigan renaissance zone act, local development financing act, general property tax act, and other relevant state law to attract eligible next Michigan businesses.

• Requires next Michigan development corporations to conduct business in compliance with the open meetings act and freedom of information act, with limited confidentiality protections for business applicants' financial or proprietary information and site selection data.

• Provides that incentives granted by a dissolved next Michigan development corporation remain valid and are administered by the local government unit where the business is located unless the interlocal agreement provides otherwise.