The Michigan Senate is poised to pass legislation that would help developers with financial costs of cleaning up brownfield sites to build on.
The bills would allow developers to keep portions of taxes generated by people and businesses moving in when the project is done. Although no money would initially be given to developers, they would be required to have all the money needed to complete the project and cleanup. Only after they start having people move in would they be able to collect on taxes.
There would a $40 million cap that developers can be reimbursed and each city that qualifies could only get one project per year. MIThrive, a coalition of communities, chamber and development leaders from all around the state, supports the legislation.
