The bill amends the Michigan Strategic Fund Act by updating sections 88b and 88r, which govern the operations and funding of the Michigan Strategic Fund. Key changes include the establishment of new requirements for the fund's administration and the allocation of funds for various programs. Specifically, the bill mandates that the fund must create programs operated by authorized officers, including the Michigan Economic Development Corporation (MEDC), and outlines the permissible uses of funds, such as grants, loans, and investments that require repayment if measurable outcomes are not met. Additionally, it sets limits on administrative costs and prohibits the use of funds for acquiring real property, while allowing the fund to charge fees for associated costs.

Furthermore, the bill enhances transparency by requiring the fund to post information on its website regarding businesses that receive assistance, including those that cease operations in Michigan or fail to meet agreement terms. It also stipulates that the fund must provide detailed application processes for businesses seeking assistance, including conditions for repayment and compliance. The amendments aim to ensure accountability and promote economic development by supporting qualified businesses that create new jobs and make investments in the state.

Statutes affected:
House Introduced Bill: 125.2088