The Traverse City Area Chamber of Commerce and the Northern Michigan Chamber Alliance are both strong supporters of Senate Bills 111-115, a package of bills that recently passed the Michigan Senate.
The bills create a transformational brownfield program that targets some of the most challenging properties and buildings to redevelop. The program would allow brownfield projects of a certain level of investment in a multi-use development project – after significant analysis and proof that a gap exists from making the project a reality – to capture income tax from new residents and employees on the property and a portion of the sales tax from construction costs. The idea is to help close financing gaps that are the difference between a multi-use transformational project, and an vacant, obsolete property or building. Learn more HERE.
Why do we support this?
Simple. Investment is the key to economic growth and a sustainable economy. Each community in northern Michigan is very likely to have a property or building that has been sitting dilapidated and unused for years. Traverse City, despite a recent boom in development, has many.
Is this potential new tool a silver bullet? No. But it does have the potential to unlock millions in private investment and turn visions into reality in communities around northern Michigan.
The measure passed the Michigan Senate recently, and is in the Michigan House awaiting a committee hearing date.
We need your help to get this done!
Please contact our northern Michigan House delegation and tell them you support Senate Bills 111-115 and that private invest is crucial for northern Michigan’s economy.
State House of Representatives: