The bill amends the Economic Development Incentive Evaluation Act of 2018 by updating definitions and evaluation requirements for economic development incentives in Michigan. Key changes include the introduction of new terms such as "SOAR" (Strategic Outreach and Attraction Reserve Fund) and "SOAR project," which refers to economic development incentives funded by this reserve. The bill specifies that the department must contract with one or more contractors to evaluate these incentives periodically, with evaluations for SOAR projects required at three, five, and ten years after funding is appropriated. Additionally, the bill mandates that evaluations must be published on the department's website and shared with relevant stakeholders.

The bill also revises the evaluation timeline for various economic development incentives, establishing a minimum evaluation frequency based on the amount of state appropriations involved. It emphasizes the need for objective evaluations and allows for the inclusion of new economic development programs as determined by the Michigan Strategic Fund. Furthermore, it clarifies that financial and proprietary information related to these incentives is exempt from public disclosure under the Freedom of Information Act, ensuring confidentiality for entities receiving incentives.

Statutes affected:
Senate Introduced Bill: 18.1753