Wayne County’s TURBO program spurs $40M in development
Wayne County’s TURBO (Transforming Underdeveloped Residential and Business Opportunities) is being used to catalyze challenging developments — $40 million in just its first year of operation.
Wayne County’s TURBO (Transforming Underdeveloped Residential and
Business Opportunities) is being used to catalyze challenging
developments — $40 million in just its first year of operation.
Excerpt:
Developers may get a 100 percent tax rebate for the first year of
construction and an amount equal to 50 percent of their taxes in cash
rebates over the next five years for new construction or total
rehabilitation projects. Partial rehabilitation and projects involving
brownfield development can also get cash rebates under the program.
TURBO
incentives have been used to jump-start several developments, creating
about 700 permanent and construction jobs, Ficano said. These include
retail projects in Highland Park and Detroit.
Read the entire article here.
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