Senate approves LaSata’s ‘Make it in Michigan’ plan bill

LANSING, Mich. — The state Senate on Thursday approved legislation sponsored by Sen. Kim LaSata aimed at strengthening the future of manufacturing in Michigan and making the state more competitive for future investments.

“The Make it in Michigan plan is a unique tool that will help attract new businesses and long-term investments in Michigan,” LaSata said. “This plan creates an unprecedented level of transparency, and unlike other measures in the past, includes protections to ensure potential investors follow through on plans. Businesses must complete written agreements that conditions will be met prior to receiving any funds. If the conditions are not met, companies can be held accountable through repayment provisions included in the bill.”

Senate Bill 769, sponsored by LaSata, would create the Strategic Outreach and Attraction Reserve (SOAR) fund, which has the ability to receive funds through a legislative appropriation. Those dollars could then be transferred into the Michigan Strategic Site Readiness fund (MSSRF) or the Critical Industry fund (CIF).

Senate Bill 770 would create the MSSRF, which would have the ability to provide grants, loans, and other economic assistance for eligible applicants throughout the state. Money in the fund would be used to create investment-ready sites for future development.

Senate Bill 771 would create the CIF, which would also be able to receive money from the SOAR fund. Funding could then be used for qualified investments for eligible businesses to create new jobs or make capital investments.

Reporting requirements would allow the public and Legislature to make sure companies are meeting their commitments and funds are being responsibly allocated. An annual report on each of the three funds must be submitted to the Legislature, the governor, the secretary of the Senate, and the Senate and House fiscal agencies. If the report is not transmitted by March 15 each year, no dollars from the unreported fund may be disbursed until the report has been received.

“This plan ensures every dime will be budgeted in advance and that all investments will be subject to legislative oversight,” LaSata said.

“We must continue growing and diversifying our economy, while being responsible, accountable and transparent. Other states are pursuing measures to give themselves a head start in attracting new businesses and industries and we cannot let Michigan get left behind.”