MI HB5371

Increases the maximum number of governing bodies authorized to establish promise zones from 10 to 15 under the Michigan Promise Zone Act.

Requires a governing body to hold a public hearing with notice published at least 20 days (and not more than 40 days) before the hearing in a newspaper of general circulation and posted in at least 20 conspicuous public places.

Mandates that at least 30 days after the public hearing, eligible entities must submit applications to the Department of Treasury seeking approval to establish a promise zone.

Allows the Department of Treasury to certify eligibility of governing bodies on a first-come, first-served basis, with a limit of 15 total certifications under this act.

Permits local school districts within an eligible entity to opt out of the entity's promise zone by resolution within 90 days and establish their own separate promise zone, or face inclusion in the entity's zone if they fail to act within a reasonable timeframe.