Appropriations: supplemental; economic development incentive evaluations for SOAR projects; require. Amends secs. 3, 5 & 7 of 2018 PA 540 (MCL 18.1753 et seq.) & adds sec. 7a.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill requires the Michigan Department of Technology, Management, and Budget to periodically evaluate economic development incentives, particularly those funded through the Strategic Outreach and Attraction Reserve Fund (SOAR). It mandates that contractors assess these incentives, focusing on SOAR projects and other programs, and publishes the results. The bill establishes a schedule for these evaluations, considering factors like appropriation dates and program activity, to ensure ongoing oversight of state economic development investments.
Key provisions
- Requires periodic evaluations of economic development incentives, including those funded by the SOAR program.
- Establishes a process for selecting contractors to conduct the evaluations.
- Defines key terms related to economic development incentives, such as ‘contractor,’ ‘department,’ ‘economic development incentive,’ and ‘SOAR project.’
- Sets specific evaluation schedules based on appropriation dates and program activity.
- Requires the publication of evaluation results on the department’s website.
- Mandates notification to the Strategic Fund, Michigan Economic Development Corporation, and the recipient of the incentive before publication.
- Creates a multi-year schedule for evaluations, considering sunset dates and program inactivity.
- Specifies that SOAR projects must be evaluated independently and at defined intervals.
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