Incentives & Financing
Incentive: PUBLIC ACT 210 OF 2005 - COMMERCIAL REHABILITATION ACT
This incentive is a tax freeze on real property improvements for a commercial property for a 1 to 10 year period and the decision to provide the tax abatement and the term is decided by the local municipality. The local government establishes a District (geographic boundary around the area of development). Once the local board takes action to establish the district, they must give notice to the County of Saginaw, and the County has 28 days to take no action or to reject the establishment of the district. There may be occasion for the local government to request an affirmative vote by the County Board if the project needs to move forward within the 28 days. County approved a policy that it supports the CRA as an economic development tool in reversing the effects of deterioration of the County’s tax base. The County desires to assist in increasing the value of its tax base, eliminating blight and spurring the creation of jobs through commercial investment. The County will consider supporting the establishment of a Commercial Rehabilitation District for any economically distressed parcel within any Saginaw County municipality. An economically distressed parcel is defined as a parcel and/or building that has been vacant for a period of five (5) years or more. The County would support the establishment of a Commercial Rehabilitation District for such a parcel/vacant building when a local municipality has a developer and project ready to proceed.
Category: Incentives Packaging
More Incentives Packaging