MI SB0430

Amends the Michigan Renaissance Zone Act to add definitions and create a new category of renaissance zones for arms-related manufacturing facilities that manufacture or assemble firearms, ammunition, or firearm accessories in Michigan.

Allows the Michigan Strategic Fund board to designate up to 5 arms-related manufacturing renaissance zones with a 15-year duration in cities, villages, or townships that consent to the designation.

Requires arms-related manufacturing renaissance zones to be continuous, distinct geographic areas and may be revoked if the facility fails to commence operation, ceases operation, or fails to begin construction or renovation within 1 year of designation.

Mandates the Michigan Strategic Fund board consider economic impact on local suppliers, job creation relative to employment base, project viability, and community economic impact when designating these zones.

Requires a development agreement between the Michigan Strategic Fund and arms-related manufacturing facilities that includes compliance with state and local laws, annual reporting on capital investment, employment numbers, and percentage of in-state raw materials purchased.