House Appropriations Subcommittee on General Government Honorable Representative Laura Cox, Chair

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1 House Appropriations Subcommittee on General Government Honorable Representative Laura Cox, Chair FY16 Michigan Strategic Fund Budget Presentation March 4, 2015 Presented by: Steven Arwood, President

2 Michigan Strategic Fund All Funds - Appropriations and Recommendations Michigan Strategic Fund FY15 Appropriations (Adjusted*) $ 337,955,600 FY16 Recommendation $ 341,910,800 MSF-Workforce Development Agency Programs 427,018, ,954,700 MSF-Michigan State Housing Development Authority 232,556, ,469,200 MSF-Land Bank Fast Track Authority TOTAL 5,250,000 $ 1,002,779,900 5,247,800 $ 1,006,582,500 2 * FY15 negative supplemental = $22 million (9.63%) of MSF GF/GP appropriations #

3 Michigan Strategic Fund (including Workforce Development Agency) FY16 Executive Recommendation ($ in millions) Federal Funds $ Tobacco Settlement $ Tobacco Settlement Other $ State GF/GP $ TOTAL $ State GF/GP Federal Funds Other 3

4 21 st Century Jobs Trust Fund Uses of $75M in Tobacco Settlement Fund dollars transferred to 21 st Century Jobs Trust Fund ($ in millions) Entrepreneurship Eco-system Bus Attraction & Comm Revitalization Business Development & Marketing Pure Michigan Administration $- $5 $10 $15 $20 $25 $30 $35 4

5 Michigan State Housing Development Authority (including Land Bank) FY16 Executive Recommendation ($ in millions) Federal Funds $ Land Bank Fund State GF/GP-MLB MSHDA Operations $ Lighthouse Preservation Fund $ MSHDA Operations Land Bank Fund $ State GF/GP (MLB) $ Federal Funds TOTAL $ Lighthouse Preservation Fund 5

6 Building on a Solid Foundation Talent Enhancement Provide tools for matching skills with the current jobs Train to qualify for today s and tomorrow s jobs Enhance career awareness in the future workforce Community Vitality Optimize Federal and State funding to spur private investment Build on community attributes Revitalize infrastructure Business Investment Business to business procurement support Export assistance Access to Capital 6

7 TALENT-Skilled Trades Training Fund Recommendation: $10,000,000 Upgrade skills of incumbent workers and train new workers in all business sectors FY15 funds awards totaling $8.6 million Leveraged $99.6 million in company training costs 2,529 new employees; 6,085 incumbent workers trained Average cost per participant is $ Funds fully committed by November 2014 Includes up to $5 million for Advance Michigan federal automotive workforce development grant match 7

8 TALENT-Advance Michigan Funded through the Skilled Trades Training Program Public-Private Collaboration Advance Michigan supported projects have Favored Status with federal grants Up to $5M to match federal grants to companies for new technology training Strengthen Michigan as center of the North American automotive market Pursue Opportunities in: Lightweight and Multi-Material Technologies Connected and Automated Vehicles Powertrain and Propulsion Technologies Manufacturing and Supply Chain 8

9 TALENT-Community Colleges Skilled Trades Equipment Fund Recommendation: $4,600,000 (funding for Debt Service) One-time funding awarded $50 million in grants to 18 community colleges on 2/24/2015. Moving forward: Provide updated equipment for community colleges to be current with latest technologies for training in high wage, high demand occupations. Must be connected to local employers, economic developers and Michigan Works! Approximately 34,000 people expected to be trained in the next 6 years in occupations such as welding, CNC, healthcare, IT, HVAC, Fiber optics, chemical processing, truck driving, agriculture, hospitality and law enforcement. Debt Service funding ($4.6M) will be needed annually until bonds are fully repaid. 9

10 TALENT-Community Ventures Recommendation: $9,800,000 Promotes long-term employment for structurally unemployed residents of Detroit, Saginaw, Flint, and Pontiac. Recruits a network of employers and provides supportive services (e.g. coaching, training, transportation) to promote employee retention and upward mobility. Since FY13, 3,290 structurally unemployed individuals have achieved employment with 107 companies. Participants have a 69% retention rate after 12 months. Average wage is $11.64 per hour. 10

11 TALENT-Workforce Development Agency Recommendation: $426,954,700 Oversight of the Michigan Works! Agency (MWA) network who: o Operate the One Stop System for talent needs of the region o Trained teams work with businesses to identify solutions to talent needs o 79,689 jobs filled with MWA assistance o 860,556 unique visitors served at MWA service centers and 1,951,330 total visits Coordinate talent plan development within prosperity regions Manage Federal funds, implement statewide objectives, and work with the agency network for best outcomes Program funding = 95% federal funds in FY16 Executive Recommendation 11

12 COMMUNITY Vitality - MSF Michigan Strategic Fund (MSF) Community Development Block Grant Program - $47 million HUD pass-thru grants focused on job creation, community development, and housing (through MSHDA) in Michigan s small communities. Last five program years, 698 approved projects committed to 4,579 jobs; 2,855 housing units renovated or created; $1.2 billion in private investment* Approved projects reported 1,918 jobs, 1,874 housing units, $750 million in private investment to date* Federal grant: $30 million annually to be spent over multiple years Arts and Cultural Grant Program - $10.15 million 429 direct grants at $9.7 million awarded in FY15 Grantees will privately contract with 62,243 Michigan artists with the grant funds. Arts and cultural tourism accounts for more than $2 billion in leisure spending in Michigan---18% of total 12 *May include private investment associated with multiple incentive types

13 COMMUNITY Vitality - MSHDA Michigan State Housing Development Authority (MSHDA) Separate/independent financial institution Appropriated funds are significantly federal pass-through dollars (less than 1.7% of appropriations are GF/GP) Debt is not state debt Loans and operating expenses financed through bonds sold to private investors Proceeds used for housing loans to: Developers for affordable rental housing at competitive interest rates Affordable home mortgages and home improvement loans 13

14 COMMUNITY - Vitality - MLB Land Bank Fast Track Authority (MLB) Assist government to assemble, clear title, facilitate use, remove blight and develop properties to promote economic growth Properties owned 2,942; properties sold in FY Appropriated Funds used for: Be a Good Neighbor Maintenance Program Demolition of dilapidated and abandoned properties-blight eradication Quiet title action 14

15 BUSINESS Business Development & Community Revitalization Recommendation: $129 million -Commitments are fully funded and dollars reserved for future payments -Projects have the benefit of attracting and retaining talent in Michigan Business Development Program (BDP) Provides funding to assist Michigan businesses expand and create jobs Through February 2015: 181 companies committed to create 25,150 jobs through December 21, ,191 jobs created verified (as of December 31, 2014); tracks with forecasted job creation to date Community Revitalization Program (CRP) Provides funding to community projects that leverage private investment Through February 2015: Over $1 billion in private investment leveraged Renovating or constructing over 5 million square feet 74 projects have received awards: 27 complete and 47 in progress 15 Webpage for additional details--

16 BUSINESS Pure Michigan Recommendation: $30 million Mission: Increase leisure visitor spending in Michigan, thereby increasing business revenue, employment and tax revenues Primary tactics: advertising, public relations, promotions, michigan.org, enewsletters, official state travel guide and social media 2015 budget of $29 million Campaign ROI 2013 $6.66 in state tax dollars generated for every $1 dollar spent on campaign Campaign cumulative ( ) - $4.42 in state taxes dollars generated for every $1 dollar spent on out-of-state advertising New opportunities: Fall campaign Explore additional International marketing opportunities Tap into new U.S. markets which have shown growth (i.e. Atlanta, NY, Dallas) Airport Pure Michigan brand integration 16

17 BUSINESS Entrepreneurship Eco-System Funding for Entrepreneurship: Where it Goes, What it Yields 25% 15% 20% 40% Annual Outcome: University Programs Incubators Service Providers Funding Programs New Tech Companies in Michigan Create the Pipeline Incubate the Company Accelerate the Company Leverage New Capital - 1,120 high paying jobs ($~80K) - $710,000,000 private investment in Michigan companies - Leverage = $35:1 17

18 BUSINESS Film Incentive Program Recommendation: $50 million Eligible projects include: motion pictures, documentaries, TV series, miniseries, interactive television, music videos, interactive games, video games, Internet programming, sound recording, digital animation, and interactive websites Projects may earn a rebate on qualifying Michigan expenditures Agreements state a maximum incentive amount Production must commence within 90 days of approval of incentive Projects have three years to claim their incentive FY15 Incentives Approved (10/1-2/28/2015): 3 new production companies approved for incentives in February 2015 $1.3M in incentives being awarded on $3.7M of private investment Approved projects expected to create 99 MI hires with a full time equivalent of 20 jobs $25M in applications currently under staff review expected to generate $76M in private investment and 773 MI hires with a full time equivalent of 402 jobs 18

19 BUSINESS Michigan Film Office Film Office Services Provided to both incented and non-incented projects: Production & Locations Directories Scouting Services Liaison to state/county/local units of government Script Review Support Regional Film Offices Across Michigan Looking Ahead -Encourage public/private partnerships -Retain talent by connecting students with employment opportunities in the film and digital media industry -Expand growth of high-tech and high-wage jobs by attracting and supporting digital game development (i.e. mobile applications) 19

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