The bill amends the Michigan Strategic Fund Act by adding a new section, 9c, which establishes a strategic advisory board tasked with developing a comprehensive strategic plan for economic development in Michigan. This plan must be created within one year of the board's appointment and will outline specific goals and objectives for economic growth over the next decade. The strategic plan will include quantifiable metrics and performance measures, focusing on various areas such as promoting economic opportunity, supporting natural resource-based industries, and ensuring the availability of water resources. The plan will also address infrastructure needs, affordable housing, and the protection of the environment.

Additionally, the bill mandates that the Michigan Economic Development Corporation (MEDC) update the strategic plan annually and submit a report on the plan's progress to key state officials and committees. The strategic advisory board is required to consult with various stakeholders and consider existing state plans and initiatives to ensure a coordinated approach to economic development. The enactment of this bill is contingent upon the passage of Senate Bill No. 214 of the 103rd Legislature.

Statutes affected:
Substitute (S-1): 125.2001, 125.2094
Substitute (S-2): 125.2001, 125.2094
Substitute (S-3): 125.2001, 125.2094
Senate Introduced Bill: 125.2001, 125.2094
As Passed by the Senate: 125.2001, 125.2094