MI SB0553

Allows qualified local governmental units in counties with populations between 190,000 and 240,000 to resubmit applications before June 30, 2014 to extend renaissance zone status for an additional 8 years, not exceeding 15 years total extension.

Extension approval requires that the extension increase capital investment or job creation in the state and that the property owner and project developer comply with their written agreement with the Michigan strategic fund.

Renaissance zones must meet existing criteria including a maximum size of 5,000 acres, no more than 10 distinct geographic areas, a development plan, and written approval from county executives or city mayors as applicable.

The Michigan strategic fund may revoke extended renaissance zone status if increased capital investment or job creation does not begin within one year of the extension grant or if terms of the written development agreement are violated.

Effective date: March 4, 2014.