HB 5720 Summary

• Allows qualified local governmental units with existing renaissance zones designated under section 8 to resubmit applications before June 30, 2013 to extend renaissance zone status for an additional 8 years, not exceeding 15 years total extension.

• Extension requires Michigan Strategic Fund approval and must demonstrate that the extension will increase capital investment or job creation in the state.

• Property owners within extended renaissance zones must enter into written development agreements with the Michigan Strategic Fund that specify the extension duration, conditions, capital investment amounts, and number of jobs to be created.

• Michigan Strategic Fund may revoke an approved extension if increased capital investment or job creation does not begin within 1 year or if property owners violate the terms of their written development agreement.