Modifies the definition of "speculative building" in Michigan's economic development law.

This bill amends the definition of "speculative building" under Michigan's economic development law. A speculative building is now defined as a new building owned by a local governmental unit or a development organization, located in a district approved by the local government, and subject to specific criteria. The bill also updates the definition to include existing buildings on improved industrial property used for manufacturing or processing goods or materials.

Modifies the definition of "speculative building" in Michigan's economic development law.

This bill amends the definition of "speculative building" under Michigan's economic development law. A speculative building is now defined as a new building owned by a local governmental unit or a development organization, located in a district approved by the local government, and subject to specific criteria. The bill also updates the definition to include existing buildings on improved industrial property used for manufacturing or processing goods or materials.