MI SB0770

Creates the Michigan strategic site readiness fund as a separate account within the investment fund to provide grants, loans, investments, and other economic assistance for developing investment-ready strategic sites and mega-strategic sites (sites of at least 500 acres).

Establishes eligibility criteria for applicants including political subdivisions, local economic development corporations, site owners, and identified end users; requires fund board to document consideration of factors such as job creation, local support, financial need, environmental remediation, and return on investment before approval.

Requires written agreements with eligible applicants that include specific disbursement dates, benchmarks, clawback provisions for identified end users who fail to comply, 30-day repayment terms with 1% monthly penalties, and provisions making the state a secured creditor in bankruptcy cases.

Mandates the fund post quarterly updates on its website listing eligible applicants, project locations, and award amounts; requires an annual report by March 15 to the legislature detailing activities, awards, matching funds, and clawbacks or repayments.

Specifies eligible activities include land acquisition, site preparation, infrastructure improvements, building demolition or rehabilitation, environmental remediation, and professional fees; prohibits fund board from disbursing funds until annual reporting requirements are met.