MI SB1135

Establishes not more than 35 tool and die renaissance recovery zones within Michigan cities, villages, or townships with local consent, lasting 5-15 years with possible extensions not exceeding 15 years total.

Requires recovery zones to consist of 4-20 qualified tool and die businesses at designation that demonstrate synergistic opportunities including shared sales/marketing, standardized processes, and improved competitive ability.

Allows qualified tool and die businesses with 75 or more full-time employees to participate if they enter a written agreement with the Michigan strategic fund and local government, beginning January 13, 2009.

Permits the board of the Michigan strategic fund to revoke zone designation if businesses fail to comply with collaborative agreements, and allows businesses to merge into other groups or modify zones by adding contiguous property with consent.

Defines qualified tool and die business property as owned or leased property where businesses generate 75% or more of gross revenue from tool and die operations on that property.