The bill amends the Michigan Strategic Fund Act to create a "critical industry program" that provides qualified investments to businesses for economic assistance, job creation, and technological advancements. It will utilize funds transferred from the strategic outreach and attraction reserve fund or appropriated funds. The program will require a detailed application and compliance process, with the fund board evaluating projects based on criteria such as community impact, financial need, job creation, and environmental considerations. Notably, if a project is canceled or placed on hold, disbursements will be halted, and unexpended funds will revert to the general fund of the state instead of the strategic outreach and attraction reserve fund.

Additionally, the bill establishes the Michigan Strategic Site Readiness Program, which will provide grants, loans, and other economic assistance to develop investment-ready sites in Michigan. It introduces new provisions regarding written agreements, including requirements for project commencement and penalties for non-compliance, and mandates that funds will not be disbursed if the applicant is in default on previous assistance. The bill also requires comprehensive reporting on program activities, including details on grants and loans awarded, and changes the destination of returned funds to the general fund. New definitions and clarifications are included to ensure clear criteria for participation, and the bill's enactment is contingent upon the passage of House Bill No. 4773.

Statutes affected:
House Introduced Bill: 125.2088