Michigan House Bill HB5104

Michigan 2023-2024 Regular Session

• Introduced: 10/5/23
• Refer: 10/5/23
• Report Pass: 10/31/23

Caption

Economic development: other; critical industry program and Michigan strategic site readiness program; revise, and create Michigan 360 program. Amends secs. 5, 9, 88s & 88t of 1984 PA 270 (MCL 125.2005 et seq.) & adds secs. 88u & 88v. TIE BAR WITH: HB 5106'23

Impact

One significant impact of HB 5104 is its requirement that any economic assistance provided must meet certain criteria that prioritize community benefits, workforce training, and environmental sustainability. The legislation emphasizes collaboration with local governments to tailor investment offers that best meet each community's specific needs. Additionally, it codifies accountability measures, including periodic reports to the legislature to ensure that funding is used as intended and results are measured.

Summary

House Bill 5104 aims to amend the Michigan Strategic Fund Act by revising existing provisions and creating new programs, most notably the Michigan 360 program. This bill is intended to enhance economic growth in Michigan by providing economic assistance through qualified investments for projects that demonstrate potential benefits to communities and their residents. It establishes stricter guidelines for how the Michigan Strategic Fund operates, ensuring that funds are allocated effectively and transparently.

Conclusion

In conclusion, HB 5104 represents a forward-thinking approach to economic development in Michigan, with potential to significantly reshape the state's economic landscape. As the bill progresses through legislative discussion, its ability to balance state-level oversight with local needs will be critical to its success.

Contention

Notable points of contention surrounding the bill involve its implications for local governance and the distribution of funding. While proponents argue that creating the Michigan 360 program will streamline economic efforts and enhance cooperation between state and local entities, opponents may voice concerns about the centralization of authority. Some may fear this could infringe on local autonomy and limit the ability of municipalities to address their unique economic challenges effectively. Furthermore, the bill's linkage to specific job creation metrics and financial requirements for fund recipients may also stimulate debate regarding its feasibility and potential impacts on smaller businesses.