MI SB0398

Allows eligible urban entities to apply for next Michigan development corporation designation, with option to designate an instrumentality or nonprofit corporation to file the application on their behalf.

Permits interlocal agreements to include division of rights, responsibilities, and duties among local government parties as determined appropriate by those parties.

Requires applications from act 7 entities (but not eligible urban entities) to include a copy of the interlocal agreement and governor approval under the urban cooperation act of 1967.

Directs Michigan strategic fund to give preference to act 7 entities composed of at least 2 contiguous counties with combined population between 103,000-106,000 and largest cities combined population between 32,500-35,500.

Directs Michigan strategic fund to give preference to eligible urban entities that are the largest city in a county with population of 1,500,000 or more.