The Northern Michigan Chamber Alliance are strong supporters of Senate Bills 111-115, a package of bills that were passed by the Michigan Senate and recently cleared the state House Tax Policy Committee.
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 a 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 has a property or building that has been sitting dilapidated and unused for years. Traverse City, despite a recent boom in development, has many leeching into the Boardman River. Petoskey has “The Hole.” Gaylord has the old Georgia Pacific property. Alpena, Manistee, and Marquette all have development in the works or proposed that would fit the bill.
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: