MI HB4783

Modifies the Michigan Strategic Fund board's process for designating Next Michigan Development Corporations by requiring the board to grant or deny applications within 49 days, with automatic approval if the deadline is missed.

Establishes that no more than 7 Next Michigan Development Corporations may be designated statewide, with a limit of 2 per calendar year (or 3 if at least one is located entirely north of 43°49' latitude).

Requires the Michigan Strategic Fund president to develop the application form within 49 days of the act's effective date, with applications accepted from eligible entities starting December 15, 2010.

Sets five designation criteria: unemployment levels in the applicant's territory, number of local government parties to the interlocal agreement, documented job creation potential with supporting business plans and third-party studies, public and private commitment levels, and potential for streamlined permitting.

Allows applicants denied designation to amend their applications and resubmit them, with the board required to provide specific reasons for denial referencing the established criteria.