MI SB1221

Allows the Michigan Strategic Fund board to extend renaissance zone status for zones designated under section 8a(2) that existed as of November 30, 2022, and are located in counties with populations between 1,100,000 and 1,300,000.

Extension period may not exceed 15 years from the date of application approval if the board determines the extension will increase capital investment or job creation.

Permits either the qualified local governmental unit or owners of all real property within the renaissance zone boundaries to submit the extension application.

Requires the Michigan Strategic Fund board to enter into a written development agreement with property owners that may include extension duration, conditions for the extension, capital investment amounts, job creation numbers, and other reasonably required conditions.