MI HB5885

Adds "urban food initiative" as eligible property under the Michigan Strategic Fund Act, defined as retail supermarkets, grocery stores, produce markets, or delicatessens offering unprocessed USDA-inspected meat and poultry, fresh fruits and vegetables, and dairy products in downtown areas.

Requires the fund board to award not less than 5% of annual community revitalization incentives to urban food initiatives beginning in fiscal year 2016-2017.

Maintains existing incentive limits: grants capped at $1,500,000, loans capped at $10,000,000, and combined incentives not exceeding 25% of eligible investment (or up to 50% for up to 3 historic preservation projects annually).

Establishes application approval timeline of 90 days from administrative completion, with automatic board consideration if not approved or denied within that period.

Funds appropriated under the chapter are placed in the 21st Century Jobs Trust Fund, with up to 4% available for program administration and up to 3% for fund operations without exceeding caps.