Tuesday, October 22, 2019     

Business   

Brownfield Redevelopment Authority

 

 

Allegan County Brownfield Redevelopment Authority
3255 122nd Ave, Suite 102
Allegan, MI 49010
Phone: (269) 686-5311

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Funding Mechanisms

 

A variety of economic development incentives and assistance programs are available to redevelopment projects within the County. The three programs that require inclusion within the Brownfield Plan are the Michigan Business Tax Credit, Tax Increment Financing, and the Local Site Remediation Fund.


Michigan Business Tax (MBT) Credit

By inclusion within the County’s Brownfield Plan, a project becomes eligible for a Michigan Business Tax credit; that is, a financial credit against the Michigan business tax that a business may pay. This can be a significant financial incentive for developers and investors of eligible property.


Tax Increment Financing (TIF)

On a case-by-case basis, the County will consider the use of Tax Increment Financing to capture a portion of or all increases in property tax revenues on eligible property to pay or assist in paying costs of eligible activities through a reimbursement plan agreed to for each project. The Authority may capture available property tax revenues from “non-school” taxing jurisdictions and, with State (MDEQ/MEDC) approval of a project work plan, “school” taxing jurisdictions. The TIF may only be used to reimburse the costs of eligible project activities that are included within the approved Brownfield Plan.


Local Site Remediation Fund (LSRF)

The Authority may establish a Local Site Remediation Fund financed through excess TIF capture for up to five (5) years to address eligible activities on other eligible property.

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