(1) The board of the Michigan strategic fund defined in section 4 of the Michigan strategic fund act, 1984 PA 270, MCL 125.2004, may designate up to 25 additional renaissance zones for border crossing facilities within this state in qualified border local governmental units if that city or township or combination of cities or townships consents to the creation of a renaissance zone for a border crossing facility within their boundaries. A renaissance zone for a border crossing facility shall have a duration of renaissance zone status for a period of 15 years.

  (2) Each renaissance zone designated for a border crossing facility under this section shall be 1 continuous distinct geographic area.

  (3) The board may revoke the designation of all or a portion of a renaissance zone for a border crossing facility if the board determines that the border crossing facility does 1 or more of the following in a renaissance zone designated under this section:

  (a) Fails to commence operation.

  (b) Ceases operation.

  (c) Fails to commence construction or renovation within 1 year from the date the renaissance zone for the border crossing facility is designated.

  (4) The board shall consider all of the following when designating a renaissance zone for a border crossing facility:

  (a) The economic impact on local suppliers who supply raw materials, goods, and services to the border crossing facility.

  (b) The creation of jobs relative to the employment base of the community rather than the static number of jobs created.

  (c) The viability of the project.

  (d) The economic impact on the community in which the border crossing facility is located.

  (5) The board shall require a development agreement between the Michigan strategic fund and the border crossing facility.

  (6) As used in this section:

  (a) “Development agreement” means a written agreement between the Michigan strategic fund and the border crossing facility that includes, but is not limited to, all of the following:

  (i) A requirement that the border crossing facility comply with all state and local laws.

  (ii) A requirement that the border crossing facility report annually to the Michigan strategic fund on all of the following:

  (A) The amount of capital investment made at the facility.

  (B) The number of individuals employed at the facility at the beginning and end of the reporting period as well as the number of individuals transferred to the facility from another facility owned by the border crossing facility.

  (C) The percentage of raw materials purchased in this state.

  (iii) Any other conditions or requirements reasonably required by the Michigan strategic fund.

  (b) “Qualified border local governmental unit” means 1 of the following:

  (i) A city with a population of more than 30,000 and less than 36,000 that contains an international border crossing.

  (ii) A township that adjoins a city with a population of more than 30,000 and less than 36,000 that contains an international border crossing.