The world of incentives is always changing and the economic development team can be your resource to explore what opportunities may fit your business. A few of the more widely used incentives are below but give us a call and we will discuss your business outlook.
Michigan Business Development Program
The Michigan Business Development Program is a new incentive program available to eligible businesses that create qualified new jobs and/or make qualified new investment in Michigan. The Michigan Business Development Program is a new 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 or other economic assistance to businesses for highly competitive projects in Michigan that create jobs and/or provide investment.
Click here to read Michigan Economic Development Coporation's Michigan Business Development Program
Brownfields are real property, the expansion, redevelopment, or reuse of which may be complicated by the presence or potential presence of a hazardous substance, pollutant, or contaminant. The City of Novi has participated in Brownfield Development, if you have a new commercial project that you would like considered, please contact Victor Cardenas.
PA198 Tax Abatement
Property tax abatement is an incentive provided primarily to build new plants in Michigan or renovate and expand aging assembly and manufacturing, and research plants. The incentive comes in the form of abated property taxes. The value of the project added will produce 50% of the taxes for a set period of time and then resume to the full tax value at the end of the abatement period.
City of Novi's Tax Abatement Policy
MEDC Fact Sheet
PA210 encourages the rehabilitation of commercial property by abating the property taxes generated from the new investment for a specific period. This was amended in 2011 to provide that the construction of a hotel with meeting/convention space attached to an existing convention and trade center of a certain size and location can qualify for a tax abatement of 100% of the value of the hotel improvements (but not the land on which it is located) for a period of up to 10 years. The City of Novi adopted policies for the Suburban Collection Showplace as well as two other potential development areas in the city.
MEDC Fact Sheet