Grants and loans under MCL 324.19608; conditions.

Sec. 19613. Of 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.