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Community Development Programs
To be vibrant and competitive, Michigan communities must be ready for development. This involves planning for new investment, identifying assets and opportunities, and focusing limited resources. The MEDC supports the growth of vibrant, diverse, and resilient communities by providing economic development services and programs to attract and retain talent in Michigan communities.
Many disasters, such as a pandemic, are disasters that ignore political boundaries and regional collaborative approaches are necessary. Yet the changes needed to move toward recovery happen fastest at the local level. This section explores strategies and ideas for recovery from disasters.
Brownfield Tax Increment Financing Act
Through the Brownfield Redevelopment Financing Act, Brownfield Tax Increment Financing (TIF) allows applicable taxing jurisdictions to receive property taxes on the property at the current level and capture the incremental increase in tax revenue resulting from a redevelopment project.
Community Development Fact Sheets - Commercial
Business Improvement District / Principal Shopping
Through the provisions of Public Act 120 of 1961, cities, villages, and urban townships may create a Business Improvement District (BID) or a Principal Shopping District
(PSD) to promote economic development within a defined area of the municipality.
Opportunity Zones are an outcome of the 2017 Federal Tax Cuts and Jobs Act. The program provides tax incentives for investment of patient capital into development projects and businesses in qualified low income census tracts that have experienced a lack of capital investment and business growth.
Community Development Fact Sheets - Communities
Local Development Finance Authority
The Local Development Finance Authority (LDFA), Public Act 57 of 2018, allows eligible entities to establish area boundaries, create and implement a development plan, acquire and dispose of interests in real and personal property, issue bonds and
use tax increment financing to fund public infrastructure improvements for eligible property.