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 establishes a detailed application and compliance process, with the fund board evaluating projects based on criteria such as community impact and financial need. The bill also introduces provisions for managing funds, including halting disbursements if a project is canceled and ensuring that unexpended funds revert to the state's general fund rather than the strategic outreach and attraction reserve fund. Additionally, it requires annual reporting on program activities and prohibits modifications to existing agreements that extend project commencement dates without legislative approval.

Furthermore, the bill establishes the Michigan Strategic Site Readiness Program, which provides grants, loans, and other economic assistance for developing investment-ready sites in Michigan. It outlines a comprehensive application and compliance process, emphasizing criteria like community importance and local support. The bill includes management provisions such as clawback requirements and penalties for non-compliance, mandates annual reporting on grants and loans awarded, and specifies that funds cannot be used for administrative purposes. It also clarifies project statuses and definitions related to eligible activities and applicants, ensuring alignment with current practices. Notably, any returned funds due to breaches of agreements must go to the general fund, and disbursements will be halted if reporting deadlines are not met. The enactment of this bill is contingent upon the passage of House Bill No. 4773.

Statutes affected:
House Introduced Bill: 125.2088