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An applicant for a CIP award must be a qualified business. A qualified business means a business that is located in or operates in Michigan or will locate or will operate in Michigan. A qualified business may include more than one business as determined by the MSF board.
A “qualified investment” means a grant, loan, or other economic assistance for a project in Michigan subject to a written agreement between the MSF and a qualified business under the CIP, including for one or more of the following:
“Qualified Job” means a job performed by an individual who is a resident of this state whose Michigan income taxes are withheld by an employer, or an employee leasing company or professional employer organization on behalf of the employer, or by an individual who is not a resident of this state and is employed by a business at a project location that is located in this state, as determined and verified by the MSF.
To the extent reasonably applicable as reasonably determined by the MSF board to the type of project proposed, the MSF shall consider and document at least all of the following criteria before entering into a written agreement for a qualified investment:
If the MSF board seeks to make a determination as to whether an approved CIP qualified investment represents a fair exchange of value for value, the MSF may consider the total value to Michigan of the qualified investment and the best interests of Michigan, including without limitation, any positive economic impact to
Michigan likely to be generated by the qualified business pursuant to the written agreement for a qualified investment, especially economic impact resulting in the location of a high-economicimpact business facility in Michigan, increased capital investment in this state, and the creation or retention of qualified jobs as a result of a technological shift in product or production in this state.
All MSF support is subject to available funding, completion of due diligence the results of which are satisfactory to the MEDC, and shall be memorialized by a final written agreement, with terms and
conditions relating to the qualified investment as determined by the MSF board, in accordance with state law, these guidelines and otherwise satisfactory to the MSF, including, without limitation:
Specific time frames and benchmarks to be met before the qualified business receives a disbursement from the CIP in installments; provided that disbursements are not permitted to a qualified business that has not fully repaid all money subject to clawback required to be repaid under a specific repayment provision in a written agreement under the CIP or if the qualified business is in default on any grant, loan, investment, or other economic assistance made or guaranteed by Michigan;
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