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 plan will focus on various aspects, including promoting economic opportunities, supporting natural resource-based industries, and ensuring the availability of essential infrastructure and affordable housing. Additionally, the plan will incorporate strategies for regional collaboration and assess the state's economic assets and competitive landscape.

Furthermore, the bill mandates that the Michigan Economic Development Corporation (MEDC) update the strategic plan annually and submit a report detailing progress towards the established goals. The report will be shared with key stakeholders, including the governor and relevant legislative committees. The bill also emphasizes the importance of consulting with various economic development partners and integrating existing state plans and initiatives into the strategic framework. 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
Senate Introduced Bill: 125.2001, 125.2094