SB 929 Summary

• Amends Michigan's economic development law to modify definitions and operations of the Michigan Strategic Fund, including expanded definition of "green chemistry" with 12 guiding principles for hazardous substance reduction.

• Requires the Michigan Strategic Fund to transmit annual status reports to the legislature detailing applicants, financial assistance requested, job creation/retention, and loan default status, with reports made publicly available on the fund's website.

• Establishes the Jobs for Michigan Investment Fund as a permanent fund under the state constitution, with assets remaining in the fund rather than reverting to the general fund, and restricts use of fund assets to authorized economic development purposes.

• Creates the Strategic Economic Investment and Commercialization Board to independently award grants and loans for basic research, applied research, and commercialization of competitive edge technologies, with restrictions on overhead rates (25% maximum) and requirements for leverage of federal and third-party funding.

• Establishes the Michigan Community Revitalization Program allowing grants up to $1,000,000 and loans up to $10,000,000 per project (combined not to exceed $10,000,000) for eligible property redevelopment, with approval criteria including job creation, historic preservation, sustainable development, and community impact.