The Michigan Business Development Program (MBDP) is an incentive program available from the Michigan Strategic Fund (MSF) in cooperation with the Michigan Economic Development Corporation (MEDC). The program is designed to provide grants, loans and other economic assistance to businesses for highly competitive projects in Michigan that create jobs and/or provide investment and results in a net-positive return to Michigan.
The Jobs Ready Michigan program was created by the Michigan Strategic Fund (MSF) to meet the talent needs of companies that are expanding or relocating to Michigan. The program is designed to be flexible and responsive to the specific talent needs of companies and to address the costs associated with recruiting and training individuals for occupations that are high-wage, high-skill, or high-demand. Program awards may be used for a variety of activities related to talent recruitment and job training including, but not limited to, employee recruitment expenses, development of customized training development plans, instructor and training materials costs, purchase of equipment related to training, construction of training facilities, and on-the job training costs. The Michigan Economic Development Corporation (MEDC) provides administrative services for the MSF for the program.
The State Essential Services Assessment is required for manufacturers that do not pay personal property tax on eligible manufacturing personal property. The MSF, in certain circumstances, may choose to exempt or reduce the Assessment for projects that create jobs and/or private investment in Michigan through the State Essential Services Assessment (SESA) Exemption or the Alternative State Essential Services Assessment Incentive.
The Michigan Community Revitalization Program (MCRP) is an incentive program available from the Michigan Strategic Fund (MSF), in cooperation with the Michigan Economic Development Corporation (MEDC). The focus of the MCRP is to encourage and promote structural renovations and redevelopment of brownfield and historic preservation sites located in traditional downtowns and high-impact corridors. MCRP provides gap financing in the form of performance-based grants, loans, or other economic assistance for eligible investment projects in Michigan.
The Plant Rehabilitation and Industrial Development Districts Act, (known as the Industrial Facilities Exemption) PA 198 of 1974, as amended, provides a tax incentive to manufacturers to enable renovation and expansion of aging facilities, assist in the building of new facilities, and to promote the establishment of high tech facilities.
Developers of brownfield sites can be reimbursed for eligible environmental costs with their own property taxes. When development results in higher property values, local brownfield redevelopment authorities (BRAs) may approve reimbursement from increased property taxes. This is known as tax increment financing (TIF) and is authorized under the Brownfield Redevelopment Financing Act, PA 381 of 1996 (Act 381).
Fact Sheet – https://www.michiganbusiness.org/4aef89/globalassets/documents/reports/fact-sheets/communityrevitalizationprogram.pdf
For additional information visit contact our team at (810) 600-1404 or visit
https://www.michiganbusiness.org/services/incentives-and-taxes/
The Flint & Genesee Economic Alliance team is invested in your success, ready to connect you to the resources, partnerships, and incentives your business needs to thrive. Contact us to learn more about our available brownfields and additional state and local incentives.
