Economic development: other; strategic and operational advisory board; create, and provide for the development of strategic and operational plans. Amends title of 1984 PA 270 (MCL 125.2001 - 125.2094) & adds sec. 9c. TIE BAR WITH: SB 1117'24
The bill's enactment will significantly reshape the economic development framework in Michigan by consolidating existing authorities under the Michigan Strategic Fund. It seeks to enhance the state's capacity to respond to economic challenges and leverage resources effectively. Notably, it sets goals such as improving the quality of life for residents, ensuring water availability, and promoting natural resource industries. The strategic plan will directly influence funding decisions and prioritize initiatives that lead to population growth and increased educational attainment.
Senate Bill 1116 aims to amend the Michigan Strategic Fund Act to establish a strategic and operational advisory board responsible for developing comprehensive economic development plans for the state. The bill outlines the board's duties, which include creating annual and strategic operational plans with specific goals in economic growth, infrastructure development, and community prosperity. It emphasizes regional collaboration and stakeholder engagement to address varying needs across urban, suburban, and rural areas in Michigan.
Notable points of contention surrounding SB1116 revolve around the consolidation of power within the Michigan Strategic Fund and the potential displacement of local governance in economic decision-making. Critics express concerns that the centralized approach may limit the ability of local entities to respond to specific community needs. Supporters argue that a unified strategy is essential for sustainable state-wide economic development. There are also discussions regarding the effectiveness of performance measures outlined in the operational plan and concerns about accountability and transparency in the board's operations.