The bill amends the Michigan Strategic Fund Act to create a critical industry program aimed at providing economic assistance for deal-closing, gap financing, and capital investments to support job creation and retention in response to technological changes in production. It establishes criteria for evaluating projects, including community impact and financial need, and mandates that funds not disbursed due to project cancellations revert to the state's general fund. The fund board is responsible for entering into written agreements with businesses and ensuring compliance, with provisions for clawbacks and penalties for noncompliance. Additionally, the bill requires annual reporting on program activities, enhancing transparency and accountability.

Furthermore, the bill introduces the Michigan Strategic Site Readiness Program, which will provide grants and loans to create investment-ready sites in Michigan. It outlines a detailed application and approval process, emphasizing community importance and job creation potential. New definitions clarify the nature of agreements between the fund and businesses, while specific management provisions ensure that funds are not disbursed if applicants are in default on previous assistance. The bill also mandates comprehensive reporting on assistance provided, including details on applicants and financial returns to the state, and introduces definitions for project statuses to reflect current practices.

Statutes affected:
House Introduced Bill: 125.2088