The bill would amend the Local Development Financing Act to allow a municipality with a local development finance authority to apply to the Michigan Economic Development Corporation (MEDC) for designation of all or part of the authority as a "certified technology park". The MEDC could make this designation if the application demonstrated significant support from an institution of higher education or a private research-based institute located within the proximity of the park; a significant commitment on behalf of an institution of higher education or private research-based institute to the commercialization of research produced at the park; that the proposed park would take advantage of the unique characteristics of public and private resources in the area; the existence or proposed development of a business incubator within the proposed park; the existence of a business plan for the proposed park that addressed certain factors; and/or an assurance that the proposed park could be developed principally to contain eligible property devoted to a high technology activity or a business incubator. ("Business incubator" would refer to real property, machinery, equipment, furniture, and fixtures that were located in a certified technology park, subject to a certified technology park agreement, and developed for the purpose of attracting owners or tenants that would qualify the property as eligible high technology property, or would support the development of businesses, services, and products related to a high technology activity.)