Rep. Moss, Southfield Mayor Laud New Development Tool
LANSING — House Democratic Whip Jeremy Moss (D-Southfield) and Southfield Mayor Kenson Siver praised the passage of a package of bills today that will incentivize redevelopment on large brownfield projects. Senate Bills 111-115, also referred to as the MIthrive package, would create a new Brownfield Redevelopment Tax Increment Financing (TIF) category and work to close financial gaps needed to revitalize large brownfield properties with mixed-use developments.
“Throughout the state, and especially in southeast Michigan, dilapidated vacant buildings and blighted parcels of land are burdensome for local communities to redevelop and drag down surrounding property values,” Moss said. “During my time on the Southfield City Council, I actively worked to reduce the commercial blight near our neighborhoods throughout the city. These bills allow a local municipality to incentivize commercial economic redevelopment in a way that fits best within their community, which in turn will spark economic growth for communities throughout our state. I am pleased to give them my support.”
The MIthrive package creates Transformational Brownfield Development Plans, which for a limited time allows projects to capture up to 50 percent of income taxes from the individuals working or living on the redeveloped property, in addition to other limited incentives. The captured revenue may be used for infrastructure, restoration, alterations, demolition or construction on the site. These bills will only allow projects to receive tax revenue generated by the project; therefore, these projects will not be receiving funds from state or local governments unless they are successful.
“The passage of these bills is great news for Southfield. This will help accelerate our city’s efforts to redevelop the Northland Shopping Center, a large and historically meaningful property in Southfield that needs to clear major hurdles in order be placed back into proper land use,” Siver said. “Communities throughout Michigan need every tool that we can possibly utilize to renew blighted properties, recharge our economy and grow our tax base.”