Bill > HB4771

This bill amends the Michigan Strategic Fund Act to modify two existing economic development programs: the Critical Industry Program and the Michigan Strategic Site Readiness Program. The key changes include new provisions for handling projects that are canceled, placed on definite hold, or indefinite hold, and most significantly, redirecting funds from the Strategic Outreach and Attraction Reserve Fund to the state's general fund. The bill introduces more stringent reporting and oversight requirements, such as mandating that projects must generally commence within one year of agreement execution and requiring detailed notifications if a project is paused or stopped. For projects placed on definite hold, the bill establishes a mechanism where funds can be placed in escrow and potentially released if the project resumes by a specified date. If a project is not resumed or is canceled, the allocated funds must be returned to the state's general fund. The bill also requires the Michigan Strategic Fund to provide comprehensive annual reports to legislators detailing the specifics of each funded project, including job creation, investment levels, and any returned funds. These changes aim to increase transparency, accountability, and fiscal responsibility in state economic development funding.

Budget and Finance

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-HB-4771