Transformational Brownfield Plans (TBP)
The recently adopted Public Act 46 of 2017 incorporates Transformational Brownfield Plans (TBP) into the Brownfield Redevelopment Financing Act, 1996 Public Act (PA) 381, as amended (Act 381). This allows developers the opportunity to capture a portion of specific incremental taxes generated from large-scale projects for a specified time period. A TBP is defined as a Brownfield Plan that, among other requirements, will have a transformational impact on local economic development and community revitalization while also having an overall positive fiscal impact on the state.
Funding requests for TBP will only be considered if other MSF program assistance is not available to fill a financing gap.
LOOKING FOR GUIDANCE IN THE TBP PROCESS?
We’ve created and identified documentation to serve as a resource for this program. You can find these and more on the Resources page.
Additional Transformational Brownfield Plan (TBP) info will be available soon.
Contact information provided at link below
For new projects, contact a CATeam Specialist