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: SB 0562'23

This bill creates the Michigan 360 program by establishing the Michigan Strategic Fund as an autonomous entity within the Department of Labor and Economic Opportunity. The legislation defines the composition of the fund's board of directors, which includes state officials, private sector experts, and representatives from both legislative chambers to oversee economic development initiatives. Key provisions mandate specific appointment processes to ensure diversity and expertise in areas like private equity, venture capital, and technology commercialization. Additionally, the bill adds new sections to the Michigan Strategic Fund Act to formalize these structural changes and governance rules.