Sec. 5.
(1) The renaissance zone review board is created. The review board shall consist of the board of the Michigan strategic fund described in section 4 of the Michigan strategic fund act, 1984 PA 270, MCL 125.2004.
(2) The review board shall review all applications submitted by qualified local governmental units and make recommendations to the board for approval based on the criteria contained in section 7.
(3) The review board and the board shall not consider an application if the application was submitted after September 30, 1996 for designations under section 8.
(4) Members of the board and the review board shall serve without compensation for their membership on the board and the review board, but members of the board and the review board may receive reasonable reimbursement for necessary travel and expenses.
History: 1996, Act 376, Imd. Eff. July 17, 1996 ;-- Am. 1999, Act 98, Eff. Oct. 11, 1999 Compiler's Notes: For transfer of Michigan strategic fund from department of management and budget to department of labor and economic growth, see E.R.O. No. 2003-1, compiled at MCL 445.2011.
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