Commercial redevelopment incentives are a tool that can encourage the transformation of blighted buildings and vacant spaces where commercial buildings once stood in your downtown. Communities can take the initiative to create Commercial Redevelopment Districts or property owners can request a District be established in qualifying areas.
The Commercial Redevelopment and Rehabilitation Acts (PA 225 of 1978 and PA 210 of 2005) were created to encourage the replacement, restoration, and rehabilitation of blighted properties in downtowns which would also create jobs. The Acts provide for an abatement of property taxes generated from new investment for a period up to 10-12 years. While there are many similarities between the two Acts, a review of the project specifics will help determine which fits best.
2015 – Corner of M-32 & Main, Downtown East Jordan – 2017
In addition to the many qualifications that projects must meet including location, property type, redevelopment activities, investment minimums, etc., there is a process the property owner must work through with their local unit of government in order to take advantage of these incentives. Your local economic development organization (Northern Lakes Economic Alliance in Antrim, Charlevoix, Cheboygan and Emmet Counties) can help you review the project, determine the appropriate incentive, and complete the application process. For more information on how you or your community can take advantage of these economic development tools, please contact Sara Christensen at email@example.com or 231-582-6482.