Incentive to expand industrial businesses. Real and personal property investments will receive a 50% abatement on new taxes generated for up to 12 years.
Incentive to rehabilitate commercial buildings. Property taxes will be frozen at the pre-rehabilitated rate for up to 10 years. Available for commercial buildings more than 15 years old.
Incentive to rehabilitate obsolete buildings. Property taxes will be frozen at the pre-rehabilitated rate for up to 12 years. Available for commercial properties that are contaminated, blighted, or functionally obsolete.
The City of Muskegon’s Revolving Loan Fund is intended to promote economic development through the provision of capital for new and expanding locally-sited businesses. It is intended to supplement conventional financing sources, but not replace them completely. Seventy percent of the project must come from private financing, while the Revolving Loan Fund can cover the remaining 30 percent (up to $30,000). Revolving Loan Fund Policy
Brownfield Tax Credits
A financial incentive for economic development projects within the City of Muskegon where environmental contamination, blight, or functional obsolescence create an impediment to redevelopment of property. Inclusion of a project in the Muskegon Brownfield Plan can result in certain eligible activities being financed through tax increment financing, or through providing the developer/business (owner and/or lessee) with an opportunity to earn a Michigan Business Tax credit based on the investment in the property.
Site Assessment Grant
Funds may be available for owners of property planning to undertake an expansion and/or new construction or potential new owners of a site being planned for development. The funds are to assist with a Phase I, Phase II, BEA and Due Care Plan for eligible properties through an EPA Site Assessment Grant. The City administers the grant and has retained the environmental consultants responsible for the investigation and reporting.
Properties located in Renaissance Zones are virtually tax-free from any State and local taxes. There are five Renaissance Zones in Muskegon, three of which are downtown. Take advantage of tax-free living or business operation by locating in one of these emerging zones.
For more information, contact Mike Franzak @ (231) 724-6982