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 economic development activities for the next ten years. The plan will include measurable goals and objectives aimed at enhancing the quality of life for residents, promoting natural resource-based industries, and ensuring sustainable development across urban, suburban, and rural areas. Additionally, it will address infrastructure needs, affordable housing, environmental protection, and educational opportunities.

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 various state officials and committees, ensuring transparency and accountability in the state's economic development efforts. 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