Gov. Snyder citied the many counties who came together to help formulate the new plan.
Another signed bill will give funding to Eastern Market to expand Shed 5 while helping locally made food products.
Snyder and Bing were joined by lawmakers and other government, community and business leaders for the news conference held on Woodward near Campus Martius.
Michigan passed 282 bills during the last few weeks of lame duck legislative sessions.
Earlier Wednesday, Gov. Rick Snyder signed legislation aimed at helping military veterans gain employment in the electrician and plumbing fields.
The governor's office said that Snyder signed measures to require experience gained through military service to be taken into account when being considered for licenses in those fields