Bill Summary

• Amends Michigan Strategic Fund Act to revise the Critical Industry Program by expanding evaluation criteria to include workforce development, employer benefits, labor rights, and community engagement while removing language restricting assistance to "technological shifts."

• Modifies Michigan Strategic Site Readiness Program to simplify application criteria and allow for flexible funding strategies for both mega-strategic sites and standard strategic sites for job creation and capital investment.

• Creates new Michigan 360 Program to provide grants, loans, and economic assistance for community development activities including transit, affordable housing, workforce training, business development, and infrastructure projects in Michigan communities.

• Requires 5% reduction of all qualified investments and economic assistance awards under these programs to be retained by the fund for administrative expenses.

• Mandates that fund submit negotiated terms and written analysis to legislative leadership before entering written agreements, and report annually to legislature on program activities by March 15 each year.