MI SB0111

Amends the Michigan Renaissance Zone Act to add definitions for entrepreneurial businesses, entrepreneurial business facilities, border crossing facilities, eligible Next Michigan businesses, and multimodal commerce.

Authorizes the Michigan Strategic Fund board to designate additional renaissance zones for entrepreneurial business facilities within cities, villages, or townships that consent, with a 5-year duration for each zone.

Requires renaissance zones for entrepreneurial businesses to be one continuous geographic area and allows the board to revoke designation if the facility fails to commence operation, ceases operation, or fails to begin construction or renovation within 1 year.

Mandates a development agreement between the Michigan Strategic Fund and entrepreneurial business facilities that includes compliance with state and local laws, annual reporting on capital investment, employment numbers, and raw materials purchased in-state, and business plan approval by a state-recognized entrepreneurial support resource.

Establishes criteria for board consideration when designating zones, including economic impact on local suppliers, job creation relative to community employment base, project viability, and community economic impact.