Developers now can collect some of the taxes generated by businesses on brownfield sites upon which they're building.
Gov. Rick Snyder signed legislation Thursday that would allow developers to receive up to 50 percent of taxes for up to 20 years to help recuperate the cost of building on the site. Snyder says the legislation is important for closing existing funding gaps surrounding brownfield sites and helping improve communities for Michigan residents.
Brownfield sites come with added costs of cleaning up environmental hazards. Developers will have to pay for cleanup themselves.
The Michigan Thrive Initiative, a coalition of about 60 economic development organizations, cities and chambers of commerce, support the legislation. Critics have said it would only benefit a handful of well-connected developers.
