AKT Peerless is the only environmental company in Michigan who has a full time dedicated group of economic incentive professionals devoted to strategically securing a wide variety of incentives. Our professionals include a Certified Economic Developer, two Registered Brownfield Professionals, a former State Brownfield Manager with over 25 years experience, a Historical Tax Credit Specialist and Brownfield Redevelopment Experts who have completed over 150 brownfield plans combined.

A wide variety of redevelopment incentives are available for your project. At AKT Peerless, we evaluate every project on a site-by-site basis to strategically determine which mix of incentives is appropriate for your project. Through careful evaluation and our depth of experience of understanding realistic approaches, we are able to deliver quantified financial results utilizing the following programs:

Brownfield Tax Increment Financing Through a brownfield redevelopment authority, qualifying properties may be eligible for tax increment financing (TIF) allowing projects to capture property and school taxes to pay for cleanup-related costs and in certain cases, demolition, lead/asbestos abatement, site preparation and public infrastructure improvements.

Brownfield Michigan Business Tax Credits The state of Michigan provides Michigan Business Tax (MBT) credits, on a case-by-case basis, to help with the expense of demolition, environmental cleanup and other remedial actions needed to facilitate redevelopment. Credits are available for up to 20% of eligible investments, such as construction, rehabilitation and renovation expenses, to a limit of $30 million.

Obsolete Property Rehabilitation Act (OPRA) Public Act 146 of 2000 provides for a tax incentive to encourage the redevelopment of obsolete buildings. A community may freeze the existing taxable value for non-school taxes on a designated facility for up to 12 years.

Fast Track Land Bank Authorities Public Act 258 of 2003 allows for the creation of “Land Bank Authorities” to streamline the process for returning underperforming properties to productive use, fostering redevelopment and economic growth. Land Bank Authorities can hold and acquire property, assemble property, are exempt from liability under Part 201 of the Northern Rockies Ecosystem Protection Act (NREPA) and provides certainty to purchasers by offering clear title to properties under its purview.

MDNRE Brownfield Redevelopment Grants & Loans Funded under the "Clean Michigan Initiative" through the Michigan Department of Environmental Quality (MDNRE), these grants and loans are available to local governmental units and authorities created pursuant to state law. Funds may be used for assessment, interim response activities, remediation as well as limited demolition activities.

MDNRE Revitalization Revolving Loan Fund Available through the MDNRE to local units of government and Brownfield Redevelopment Authorities (BRA) for assessment, demolition, interim response activities necessary to perform environmental assessments or demolition.

Renaissance Zones Available in 38 Michigan counties, most state and local taxes are abated in a renaissance zone, including local real and personal property taxes along with the 6-mill State Education Tax. The tax benefits are phased out at 25% increments during the zone's final three years of existence.

Neighborhood Enterprise Zones A locally-initiated zone program that provides tax incentives for housing development and improvement. On qualified new residential construction projects the ad valorem tax is replaced by a special tax calculated at ½ the statewide average (about 17 mills). On qualified rehabilitation of existing property, the incremental increase in property taxes may be waived.

TURBO (Wayne County only) Properties with substantial rehabilitation or new construction that are placed within the Wayne County Land Bank Authority may receive typically 50% of their taxes rebated and, in combination with a Brownfield Plan, 100% of their taxes rebated. With local cooperation, a first year 100% abatement of taxes is possible.

EPA Brownfield Assessment and Cleanup Grants Funding available to local units of government through the Environmental Protection Agency (EPA) to inventory, characterize, assess, and conduct planning and community involvement related to brownfield sites. Site cleanup grants provide funding to perform cleanup conducted by cities, development agencies, non-profit groups and similar entities at sites that they own. A 20% match (of funds or in-kind services) is required, although a hardship waiver can be requested.

EPA Brownfield Cleanup Revolving Loan Fund Grants Revolving Loan Fund (RLF) grants provide up to $1MM per recipient, available for 5 years to establish state or locally administered funds. Local governments, states, Indian tribes, redevelopment agencies, regional councils and land clearance agencies may apply for funding.

New Market Tax Credits The New Markets Tax Credit (NMTC) program permits taxpayers to receive a credit against Federal income taxes for making qualified equity investments in designated Community Development Entities (CDEs). Substantially all of the qualified equity investment must in turn be used by the CDE to provide investments in low-income communities.

Federal Brownfields Tax Incentives The Taxpayer Relief Act of 1997 provides for the deduction of environmental expenses associated with brownfield properties in the year in which they are incurred, rather than being capitalized.

EPA Brownfield Job Training Grants Available through the EPA to colleges, universities, community job training organizations, state and local governments and Indian tribes to integrate training activities with brownfield redevelopment projects.

Brownfield Economic Development Initiative Brownfield Economic Development Initiative (BEDI) is a competitive grant administered by Housing and Urban Development (HUD). The purpose of the BEDI program is to spur the return of brownfields to productive economic use through financial assistance to public entities in the redevelopment of brownfields and to enhance the security or improve the viability of a project financed with Section 108-guaranteed loan authority.

Historic Tax Credits The federal program, administered through the National Park Service, fosters private sector rehabilitation of historic buildings and promotes economic revitalization through the use of up to a 20% rehabilitation credit for eligible investment. At the state level, a state income tax credit of up to 25% is available for rehabilitation of certain historic structures.