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September 20, 2016 Comments Off on Michigan EDCs Pushing Plan to Pay for Brownfield Redevelopment Views: 292 Michigan, Midwest, National News

Michigan EDCs Pushing Plan to Pay for Brownfield Redevelopment

Economic organizations in Michigan, led by billionaire Dan Gilbert’s Rock Ventures LLC, are pushing forward a proposal that would capture state sales and income taxes to help pay for major redevelopment projects. Supporters of the plan point out that such financing options are necessary to support clean-up and development of brownfield projects.

The five-bill package, called “transformational brownfield projects,” would use the added taxes to help offset costs used to prepare a dirty site for construction. This would assume the developer also invests private capital into the project. State law currently allows developers to capture new property taxes generated by a completed development. Supporters of the package indicate that sweetening the incentive could help move brownfield projects forward.

Read More at Crain’s Detroit Business

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