Renaissance Zones and Brownfield Redevelopment Revitalize Michigan's Core Communities

摘要

Economically distressed areas and contaminated, functionally obsolete property may sound like unlikely places to begin a success story. But in Michigan, it is precisely these areas that are making economic development news. All across Michigan, communities are making use of two tax-based incentive programs created to redevelop slow-growth areas and clean up abandoned or contaminated sites. Michigan's Renaissance Zone program designates 34 geographic areas of the state as virtually tax-free for any business or residence located or moving there. Michigan's Brownfield Redevelopment law aids redevelopment in 88 core communities by providing targeted tax credits to investors who bring contaminated, abandoned or functionally obsolete buildings and sites into reuse.