Brownfield Redevelopment Incentives

What is it? Funding is available for cleanup and redevelopment of properties that were once considered unavailable for development. If you are interested in a property that is contaminated, blighted, or functionally obsolete, the Brownfield program could pay for cleanup and redevelopment costs.

Who's eligible? Any company or developer interested in cleaning up a contaminated, blighted, or functionally obsolete parcel. The Traverse Bay EDC can advocate for funding for cleanup of an eligible property. Development of the property must bolster economic development.

How much is available? Funding limits vary according to project.

What are the terms for agreement? The property in question must be contaminated, blighted, or functionally obsolete. The property owner must give access to the property to the appropriate personnel for assessment and cleanup plans.

Michigan's Brownfield redevelopment efforts are considered the premier model for the country. Properties that in the not-so-distant past were considered lost forever are now being actively pursued for revitalization. The success of Michigan's Brownfield efforts are due in part to liability protection and reduced remediation costs. Title may be taken to environmentally impaired property without assuming liability for existing contamination, provided the buyer conducts a baseline environmental assessment (BEA) and discloses it to the state. Lenders may also conduct a BEA to avoid potential liability upon taking title in lieu of foreclosure. Cleanup costs are now 50% lower for industrial and commercial properties.

For more information, contact the Traverse Bay EDC.