Many communities across Michigan — in urban, suburban and rural areas — are looking to revitalize blighted, abandoned sites that are too costly to clean up or redevelop. Senate legislation on its way to the governor will help transform these difficult-to-develop properties into large-scale developments that attract investment and jobs and generate new economic activity.
Senate Bills 111-115 will allow transformational brownfield plans to keep part of the new tax revenue they create in order to make the projects fiscally feasible while the rest of the revenue goes to local governments and the state. The legislation requires significant minimum private investment and mandates that projects provide a net fiscal benefit to the state. In addition, the bills cap the amount of the incentives and the overall number of projects to control annual costs.
To ensure the program’s benefits are spread throughout the state and not solely in large, urban areas, the legislation sets a target that 35 percent of approved plans be located in communities with less than 100,000 people. By encouraging economic development where it wouldn’t otherwise happen, communities can create new opportunities for dynamic growth.