Economic development: obsolete property and rehabilitation; definition of eligible act 7 entity; revise to reflect change in obsolete property rehabilitation act. Amends sec. 3 of 2010 PA 275 (MCL 125.2953).

This bill amends the Next Michigan Development Act to update the legal definitions of specific entities involved in economic development projects. It clarifies who qualifies as an "eligible Act 7 entity," an "eligible Next Michigan business," and a "qualified local governmental unit" by specifying population thresholds, income levels, and geographic criteria. These changes ensure that the rules for forming development corporations and designating districts accurately reflect current conditions for counties, cities, and townships seeking to attract business.