Michigan Economic Development Corporation

The board agenda includes several action items related to contract extensions for marketing and public relations, reauthorization for the Small Business Venture Capital Program, updates to MSF bylaws, and approval for MCRP amendments. Business development grants are proposed for Fenton Food and Beverage, LLC, Re:Car, Inc. dba Slate Auto, and Alquist 3D, LLC. Additionally, a Transformational Brownfield Plan incentive package for Fifth Avenue MI LDHA LLC is under consideration. The agenda also incorporates a Delegation of Authority Report.

The board approved a consent agenda including various loan write-offs, redevelopment work plans, RFP award recommendations, and policy revisions. Key business attractions and growth actions included the approval of Strategic Site Readiness Program grants and Michigan Business Development Program grants to support entities such as Muskegon County, LCT Opco LLC, the City of Coopersville, and fairlife, LLC. Additionally, the board approved a Michigan Community Revitalization Program loan and Act 381 work plan for Abode Fulton, LLC, as well as the inducement and authorization of private activity bonds for Kraft Avenue Properties, LLC.

The committee meeting addressed several administrative and strategic topics, including the restructuring of subcommittees following a resignation and the completion of conflict-of-interest disclosure forms. The Strategic Planning Subcommittee presented and secured approval for Fiscal Year 2026 scorecard targets, which aim to foster equitable and resilient economic growth. The Personnel and Compensation Subcommittee outlined the timeline for the upcoming CEO performance evaluation process. Additionally, the Finance and Audit and Governance subcommittees provided updates on financial reviews, audit progress, and organizational transition planning. The CEO report highlighted key economic development successes, workforce development rankings, and federal grant programs, and the meeting concluded with an executive session to discuss attorney-client privileged matters.

The committee meeting included the introduction of new members and staff, the appointment of a new Treasurer, and the approval of modifications to subcommittee charters, including the establishment of new subcommittees and the appointment of their chairs. The committee held closed sessions to discuss attorney-client privileged matters and to conduct a periodic performance evaluation of the Chief Executive Officer. Additionally, the committee received reports from the Personnel and Compensation Subcommittee, the Finance Subcommittee, and the combined Strategic Planning and Audit Subcommittee, and heard an update regarding the state of the organization.

The board approved a number of economic development initiatives, including the appointment of a new Financial Officer and the reclassification of International Trade funding. Key project approvals included an amendment to the Michigan Community Revitalization Program Equity Agreement for the Y Site, LLC project in Lansing, and the granting of a Michigan Business Development Program grant and State Essential Services Assessment Exemption for the Adrian Steel Company expansion in the City of Adrian. Additionally, the board reviewed informational reports regarding delegation of authority.