Bill > HB5297

This bill amends the Michigan Strategic Fund Act to modify reporting requirements and eliminate certain program references. Specifically, the bill removes provisions related to the Strategic Outreach and Attraction Reserve Fund, the Michigan Strategic Site Readiness Program, and the Critical Industry Program. The bill maintains extensive reporting requirements for the Michigan Strategic Fund, requiring an annual report by April 10th that details financial assistance provided, including specifics about job creation, job retention, average salaries, investment amounts, and project types. The report must also include information about various economic development programs, such as venture capital investments, tourism promotion efforts, business development campaigns, and community revitalization projects. Additionally, the bill requires the fund to post detailed information about loans and financial assistance on its website, including project descriptions, loan amounts, payment status, and interest rates. The bill also mandates that the fund cooperate with the Department of Treasury in preparing related reports and defines "financial assistance" broadly to include grants, loans, economic assistance, and other incentives. The bill is contingent on the passage of a related House Bill (HB 5294), indicating it is part of a larger legislative package aimed at streamlining economic development reporting and program management.

Government Affairs

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-HB-5297