Incentives
As a Next Michigan Development Corporation, the Detroit Region Aerotropolis offers the following incentives to eligible new and expanding businesses:
Industrial Facilities Tax Exemption (PA 198 of 1974)
An Industrial Facilities Exemption certificate can be used to obtain a 50% property tax reduction for new, qualified real and personal property for a period of up to 12 years.
Renaissance Zones (PA 376 of 1996)
A Renaissance Zone offers 100% relief from both real and personal property taxes and, if applicable, city corporate income tax. A Renaissance Zone may be approved for up to 10 years and is phased out in 25% increments in the last three years. The Renaissance Zone works in conjunction with the designation of a Marketing Zone within the NMDC.
Local Development Finance Authority (PA 281 of 1986)
This incentive gives the Detroit Region Aerotropolis the authority to utilize tax increment financing to fund public infrastructure improvements. There are several financing options for LDFA activities that allow for the capture of incremental growth of local property taxes over a period of time to fund these improvements.
New Personal Property Tax Exemption (PA 328 of 1998)
Offers a 100% property tax exemption for an unlimited number of years on new personal property for companies within certain industries.
Brownfield Authority
Under the Brownfield Redevelopment Act PA 381 of 1996, as amended, a municipality may create a brownfield Redevelopment Authority (BRA) to develop and implement brownfield projects. A BRA is a resource that may use Tax Increment Financing (TIF) as a tool for property redevelopment.
Community TIF/LDFA
Each Aerotropolis community may offer different incentives and development opportunities through Tax Increment Finance Authorities and Brownfield Authorities. For more information on potential availability for your project please contact us.
State of MI Rail Program
State of Michigan Rail Related Economic Development Programs – The Michigan Department of Transportation has two loan programs, Freight Economic Development Program and Michigan Rail Loan Assistance Program (MiRLAP), that were established to help capitalize on this asset by preserving the system and providing access to it. More information on each program can be found by contacting MDOT.
Financing & Capital Programs
There are a number of financing and capital programs available to businesses in the Aerotropolis and throughout the State of Michigan. The following resources provide more information about which programs would be most appropriate for your business:
