MI SB0477

Amends the Michigan Renaissance Zone Act to allow qualified local governmental units to apply for renaissance zone designation if they meet criteria including a development plan, geographic size limits (no more than 5,000 acres), and no more than 10 distinct geographic areas with a minimum 5-acre size (except up to 8 areas may have no minimum size requirement).

Requires written approval from a county executive (if the county has an elected executive) or a city mayor before an application for renaissance zone designation can be submitted to the review board.

Allows qualified local governmental units to extend renaissance zone status through December 31, 2011 for zones designated under prior law, if the extension increases capital investment or job creation and the county consents to the extension.

Requires the Michigan Strategic Fund Board to enter into a written development agreement with property owners in extended zones that includes the extension duration, conditions, required capital investment amounts, and number of jobs to be created, with authority to revoke extensions if conditions are not met within one year.

Permits urban renaissance zones designated under prior law and owned by nonprofit entities as of January 2003 to seek a 5-year extension through December 31, 2012 upon board approval.