MI HB5702

Creates the Michigan Business Development Program under the Michigan Strategic Fund to provide grants, loans, and other economic assistance to qualified businesses making qualified investments or creating new jobs in Michigan.

Limits assistance to $10,000,000 per fiscal year per qualified business and requires written agreements specifying conditions, timeframes, repayment provisions for non-compliance, and audit requirements for milestone verification.

Mandates that qualified businesses use competitive bidding open to all Michigan residents and firms for construction or renovation projects, and prohibits discrimination based on union affiliation.

Requires qualified businesses to make good-faith efforts to employ Michigan residents, contract with Michigan firms and suppliers, and provide documentation for fund reporting on investments, jobs created, and employee educational attainment.

Requires municipalities to commit staff, financial, or economic resources to projects, and mandates the fund post recipient information online and report annually to the legislature on program outcomes including actual versus proposed investments and jobs created.