The proposed bill, known as the "Economic Development Transparency Act," aims to prohibit public officers in Michigan from entering into nondisclosure agreements related to economic development projects that utilize public funds. The bill defines key terms such as "economic development incentive," which encompasses various forms of financial assistance, and "nondisclosure agreement," which includes any contract that restricts the disclosure of information regarding economic development projects. The act emphasizes transparency by ensuring that information about potential job creation, investment amounts, site locations, and other relevant details cannot be kept confidential under such agreements.

Furthermore, the bill stipulates that any agreement or contract entered into, amended, extended, or renewed after the act's effective date that violates this prohibition will be considered against public policy and thus void and unenforceable. This legislative measure seeks to enhance accountability and public awareness regarding the use of public funds in economic development initiatives, ensuring that the public has access to critical information that may affect their communities.