MI HB5535

Increases the maximum number of governing bodies authorized to establish promise zones from 10 to 15 under the Michigan Promise Zone Act.

Requires a governing body to hold a public hearing on establishing a promise zone, with notice published twice in a newspaper at least 20 and not more than 40 days before the hearing.

Mandates notice be posted in at least 20 conspicuous public places in the eligible entity at least 20 days before the hearing, describing the proposed zone, financial assistance details, and eligibility criteria.

Requires the Department of Treasury to review applications on a first-come, first-served basis and certify eligibility of governing bodies to establish promise zones, limited to no more than 15 total.

Allows local school districts within 90 days of a governing body's resolution to elect not to participate and instead establish their own separate promise zone, with the Department of Treasury able to include non-participating districts in the governing body's zone if not established within a reasonable timeframe.