Legislation seeking to modernize and transform Michigan’s largest economic development tool was introduced this week. The proposal transforms the Strategic Outreach and Attraction Reserve (SOAR) Fund into the Make It In Michigan Fund, a community-based approach to economic development.
- The Make It In Michigan Fund would be comprised of three programs; Michigan 360, the Strategic Site Readiness Fund, and the Critical Industry Program.
- The proposed fund focuses on long-term success by prioritizing investment opportunities that can withstand changes in the economy and business decisions.
- 20% of funding would be used for community development.
- The bills were referred to the Senate Economic and Community Development Committee.