MEDC NotesPage 2 of 4
created the Michigan Economic Development Corporation, as a separate legal entityand as a public body corporate.5.
No new economic development functions were created when the MEDC was created. Itsimply transferred state functions outside state government and legislative control. Thepowers of the MEDC are listed in Section 3.01 to include performing “successful,effective and efficient economic development programs and functions throughout theState” as follows:a.
Provide information and assistance to new and existing businesses to facilitateresolution of governmental disputes concerning issues such as zoning and landdevelopment;b.
Facilitate, coordinate, and advance Projects for encouraging new and existingbusinesses in locating, purchasing, constructing, reconstructing, modernizing,improving, maintaining, repairing, furnishing, equipping, and expanding in theState;c.
Provide information to new and existing businesses regarding taxes, insurancerates, environmental audits, safety audits, permits and worker recruitment andtraining;d.
Encourage and solicit private sector involvement, support, and funding forProjects;e.
Encourage the export of products and services to national and internationalmarkets;f.
Provide information to tourists and the travel industry and encourage tourismwithin the State;g.
Conduct studies and research, develop and maintain data and records inconnection with a comprehensive economic strategy; andh.
Provide, upon request, centralized administration of local economicdevelopment programs.6.
The MEDC was never intended as a permanent entity. Section 6.01 provides:The Corporation commences on the Effective Date and continuesfor a term of ten (10) years (“Initial Term”). The term of thisAgreement may be extended for a term of five (5) years (“FirstRenewal Term”) and may further be extended for an additionalterm of five (5) years (“Second Renewal Term”). The maximumterm of this Agreement shall be twenty (20) years.7.
Pursuant to Section 6.02, the Strategic Fund itself may withdraw from the MEDC