Developers considering potentially transformational projects across the state now have guidelines to earn more incentives.
Gov. Rick Snyder signed a package of bipartisan bills into law in June, and the Michigan Economic Development Corp.’s Michigan Strategic Fund approved the guidelines for the resulting Transformational Brownfield Plan at its meeting July 25.
The program is meant to aid large-scale, mixed-use developments to revitalize “challenging” brownfield sites. The program captures state sales and income taxes to redevelop the brownfield sites.
The program will run through 2022, according to the guidelines passed by the Michigan Strategic Fund.
“As part of Michigan’s reinvention, it’s important that we continue to revitalize our downtowns, waterfronts and main streets to attract and keep talent and business continually growing in our great state,” Snyder said. “This legislation is key to closing existing funding gaps in surrounding brownfield sites and creating vibrant communities where Michiganders can live, work and play.”
The Transformational Brownfield Plan will fill financing gaps where no other Michigan Strategic Fund assistance can be placed, but the organization can approve more than five each year. No more than five projects can be selected for an individual municipality during the program.
The five-bill package Snyder signed in June includes bills from Sen. Ken Horn, R-Frankenmuth; Sen. Jack Brandenburg, R-Harrison Township; Sen. Tom Casperson, R-Escanaba; Sen. Peter MacGregor, R-Rockford; and Sen. Steve Bieda, D-Warren.
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