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MI SB0040
Bill
AI Summary
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Creates and operates the Michigan business development program to provide grants, loans, and other economic assistance to qualified businesses making qualified investments or creating new jobs in Michigan.
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Caps annual grants, loans, or other economic assistance at $10,000,000 per qualified business per fiscal year.
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Requires written agreements between the fund and qualified businesses that include specific time frames, conditions, milestones, audit provisions, and repayment requirements if the business fails to comply.
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Mandates municipalities make a staff, financial, or economic commitment to projects and requires qualified businesses to provide business plans and data for legislative reporting.
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Requires posting of all funded businesses' names, locations, and assistance amounts on the fund's or Michigan economic development corporation's website, with updates at least every 3 months.
Legislative Description
Economic development; Michigan strategic fund; definition of "qualified new job"; expand to include out-of-state resident employed by a company located in a county that borders another state or country. Amends sec. 88r of 1984 PA 270 (MCL 125.2088r).
Economic development: Michigan strategic fund
Last Action
Assigned Pa 0458'18
12/28/2018