Many communities across Michigan are burdened with what’s known as brownfield properties — sites that sit empty or vacant because they are too costly to clean up, restore or redevelop. The Senate recently approved legislation to help transform these hard-to-develop properties or abandoned buildings into large-scale projects that create jobs and promote growth.
Senate Bills 111-115 would allow such “transformational brownfield plans” to keep part of the new tax revenue they generate in order to make the projects fiscally feasible while the rest of the revenue would go to local governments and the state. To qualify for an economic incentive, a project would have to receive approval from the local government, the Michigan Strategic Fund and the state treasurer. In addition, the project would have to meet a minimum investment threshold and result in a net fiscal benefit to the state.
The legislation would limit the redevelopments to five projects each year. In addition, each city would be limited to one approved plan per year, ensuring the program’s benefits would be spread across the state.
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Interview recorded on April 26th, 2017. Hosted by Laurel Hess.