Peter Anastor: Brownfield Redevelopment Discussion

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    Peter Anastor: Brownfield Redevelopment Discussion - Presentation Transcript

    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.
      • 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
      • 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
      • 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
      • 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
      • 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
    3. 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
      • 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
      • Urban Development Area Projects
        • Increases Density
        • Promotes Mixed-Use Development
        • Promotes Sustainable Development
        • Addresses Area Wide Redevelopment
        • Addresses Underserved Markets of Commerce
      Brownfield MBT
      • 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
    4. Brownfield Redevelopment Challenges
      • What Challenges Remain?
      • What Else Can We Do to Stimulate Brownfield Reinvestment?
      • National Brownfield Conference
      • May 5-7, Cobo Center, Detroit
      • www.brownfields2008.org
      Brownfield Training
      • Peter Anastor
      • 517-373-9014 [email_address] Joe Martin 517-241-8378 [email_address]
      Contact

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