Bill > HB5416

This bill amends the Michigan Strategic Fund Act to enhance transparency in economic development funding decisions. The bill adds a new requirement that the Michigan Strategic Fund Board must post proposed draft contract approval agreements, briefing memoranda, and term sheets on its website at least 10 business days before approving any grants, loans, awards, company-specific tax credits, or other economic assistance. If the board fails to post these documents as required, the approval becomes invalid. The bill maintains the existing structure of the Michigan Strategic Fund, which is an autonomous entity within the Department of Labor and Economic Opportunity, governed by a board consisting of government officials and private sector members with expertise in areas like venture capital, commercial lending, and technology commercialization. The board is expanded to include two additional members appointed by the governor, with one member nominated by the senate minority leader and another by the house minority leader. The new transparency provision aims to provide greater public visibility into economic development funding decisions and allow for potential public input or scrutiny before final approvals are made.

Government Affairs

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-HB-5416