Section 324.19613 - Grants and loans under MCL 324.19608; conditionsOf the funds to be used to provide grants and loans under section 19608(1)(a)(iv), all of the following conditions apply:
(a) A recipient of a grant shall receive not more than 1 grant per year not to exceed $1,000,000.00 per grant.(b) A recipient of a loan shall receive a maximum of 1 loan per year not to exceed $1,000,000.00 per loan.(c) A grant shall be awarded only if the department determines that both of the following apply: (i) The property is a facility as defined in section 20101.(ii) The proposed development of the property will result in measurable economic benefit in excess of the grant amount requested by the applicant. (d) A loan shall be awarded only if the department determines that both of the following apply: (i) The property is a facility as defined in section 20101 or is suspected of being a facility.(ii) The property has economic development potential based on the applicant's planned use of the property.Add. 1998, Act 288, Eff. 12/1/1998.