MI SB1108

Establishes "business development enterprises" as a new type of BIDCO licensed under the Michigan business and industrial development act, with a minimum net worth requirement of $25,000,000 rather than the standard $1,000,000 to $10,000,000.

Requires business development enterprises to obtain designation as a "qualified business development enterprise" from the Michigan strategic fund board before receiving a BIDCO license, with board review of business plans, applicant backgrounds, and public benefit objectives.

Mandates business development enterprises to have a board of directors with at least 3 members, with at least one-third designated by the Michigan strategic fund board, and allows them to omit "BIDCO" from their business name.

Requires business development enterprises to report annually to the Michigan strategic fund on capital secured, jobs created or retained, and estimated tax collections for businesses they supported over the preceding 5 years.

Requires the commissioner to provide annual financial condition assessments of each business development enterprise to the Michigan strategic fund and establishes quarterly board meeting requirements for all licensees.