Michigan Economic Development Corporation

The meeting agenda included several key items for discussion and approval. Under the Consent Agenda, approval was sought for the Proposed August 26, 2025, Meeting Minutes, the SCO Bay Valley Resort, LLC Act 381 Work Plan, and the MEDC/MSF Memorandum of Understanding for Administrative Services extension. Discussions also covered significant financial actions including resolutions for a Michigan Community Revitalization Program (MCRP) Other Economic Assistance Loan Participation award up to $4,364,753 for Riverview Apartments Bay City, LLC, CDBG funding totaling $21,516,651 for twelve Michigan communities, and various Michigan Business Development Program Grants for Astemo Americas, Inc., American Rheinmetall Vehicles, LLC, and J.R. Automation Technologies, LLC. Capital access discussions included a resolution for a Private Activity Bond Inducement not to exceed $175,000,000 for NextEra Energy Capital Holdings, Inc., and an amendment to the SSBCI 2.0 Venture Capital Commitment.

This strategic plan outlines a five-year roadmap to accelerate growth across Michigan's defense, aerospace, maritime, and space sectors. It focuses on three core lines of effort: fostering business growth, amplifying Michigan's unique advantages, and setting conditions to advance innovation. The plan aims to grow Michigan's aerospace and defense sectors, create high-value jobs, attract maximum federal investment, and support the warfighter, ultimately positioning the state as a national leader in defense industrial base innovation.

The agenda for the February 24, 2026 meeting included public comment and a consent agenda covering minutes approval and amendments related to the Business Incubator Program and several loan/grant matters involving entities like Liberty Way Hospitality, LLC, and Gentex Corporation. Key discussion items involved a resolution to approve a Small Business Support Hubs Program funding round, adopting amended guidelines, and allocating $11,276,500 for the program. An informational item included the Delegation of Authority Report.

The meeting included several key actions taken under the Consent Agenda, such as approving the Request for Proposals for the Michigan.org Website Development, addressing the Brand USA International Travel Marketing Letter of Agreement, and amendments related to the CDBG Disaster Recovery Action Plan and the Match on Main Program. Under 'Attract, Retain, and Grow Business,' the Board approved Resolution 2026-010, granting $4,090,500 to Volkswagen Group of America, Inc. under the Michigan Business Development Program. For 'Support Small Business,' Resolution 2026-011 was approved, allocating $2,700,000 to fund the continuity of the Michigan Central Innovation District (P3) by integrating TechTown Detroit as the small business support partner. Finally, under 'Develop Attractive Places,' three resolutions were approved to establish the Public Spaces Community Places Program, issue a Request for Proposals for the Program vendor, and delegate authority for Program administration.

The meeting included the roll call and public comment period. Updates were provided on Michigan Strategic Fund Subcommittee activities. The Consent Agenda involved approvals for minutes from November 13, 2025, and various Work Plan, Grant Amendment, Fund Designation, Reauthorization, and Delegation of Authority resolutions. Key discussions under the 'Attract, Retain, And Grow Business' section focused on approving Michigan Business Development Program Grant awards to Teradyne, Inc., and HealthBridge Financial, Inc. Additionally, resolutions were passed to approve a Michigan Business Development Program Grant and State Essential Services Assessment Exemptions for Michigan Milk Producers Association in Ovid and Wheatland Township, and a similar grant and exemption for Eccalon, LLC. An informational item included noting the Delegation of Authority Report for October 2025.