Peter Anastor: Brownfield Redevelopment Discussion

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Track 3- Influence the Policy …

Track 3- Influence the Policy

Now & Again: Michigan's Evolving Brownfields Program

Peter Anastor, Manager of Urban Planning and Brownfields at the MEDC

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  • 1. Brownfield Redevelopment Discussion Peter Anastor Michigan Economic Development Corporation www.themedc.org www.michiganadvantage.org
  • 2. Brownfield TIF Changes
    • Use of School Tax Capture extended to December 31, 2012
    • Demolition and Lead & Asbestos Abatement Available Statewide
    • Funds Available for Local Administration Increased from $75,000.
  • 3.
    • Large Credits
      • 11 projects, $1.3 billion investment
    • Small Credits
      • 27 projects, $156 million investment
    • Mini Credits
      • 12 projects, $15 million investment
    Brownfield MBT 2007 Review
  • 4.
    • Brownfield Redevelopment Tax Credits included in new Michigan Business Tax
    • Section 437 of Michigan Business Tax
    • PA 36 of 2007, Senate Bill 94
    Brownfield MBT
  • 5.
    • These changes are not signed into law.
    • Included in HB 5511, which has passed the House.
    • Currently in Senate Economic Development and Regulatory Reform Committee
    PROPOSED CHANGES Brownfield MBT
  • 6.
    • Refundable Brownfield Tax Credit
      • Credits that exceed a qualified taxpayers liability would be refunded at 75% of the amount that exceeds the liability
    Brownfield MBT
  • 7.
    • Increase Tax Credit Percentage
      • Increase Tax Credit to 12.5% of the Eligible Investment
    • Increase Program Efficiency
      • Limit eligible investment to project hard costs
    Brownfield MBT
  • 8. Brownfield MBT
    • Original 10%
    • $50,000 investment
      • $20,000 exterior
      • $10,000 interior
      • $10,000 machinery
      • $10,000 soft costs
    • $50,000 Eligible Inv.
    • Total credit = $5,000
    • New 12.5%
    • $50,000 investment
      • $20,000 exterior
      • $10,000 interior
      • $10,000 machinery
      • $10,000 soft costs (not eligible)
    • $40,000 Eligible Inv.
    • Total credit = $5,000
  • 9.
    • Urban Redevelopment
      • Up to 15% Tax Credit for Urban Development Area Projects
      • Urban Development Area Projects include Downtowns or traditional historic commerce centers of Qualified Local Units of Government
    Brownfield MBT
  • 10.
    • Urban Development Area Projects
      • Increases Density
      • Promotes Mixed-Use Development
      • Promotes Sustainable Development
      • Addresses Area Wide Redevelopment
      • Addresses Underserved Markets of Commerce
    Brownfield MBT
  • 11.
    • Additional Changes
      • Increases Number of Large Credits to 20
      • Combines “Small” and “Mini” Allocation into one $40 million allocation
      • Allows for Assignments of Tax Credits for Projects Approved under MBT
      • ???
    Brownfield MBT
  • 12. Brownfield Redevelopment Challenges
    • What Challenges Remain?
    • What Else Can We Do to Stimulate Brownfield Reinvestment?
  • 13.
    • National Brownfield Conference
    • May 5-7, Cobo Center, Detroit
    • www.brownfields2008.org
    Brownfield Training
  • 14.
    • Peter Anastor
    • 517-373-9014 [email_address] Joe Martin 517-241-8378 [email_address]
    Contact