The Michigan Economic Development Corporation (MEDC)
recently honored the Detroit Brownfield Redevelopment Authority (DBRA) and the Detroit Economic Growth Corporation (DEGC)
with its Local Partner Award, recognizing our work in helping to change the city's landscape.
The Local Partner Awards spotlight agencies that have successfully collaborated with Michigan's economic development entities. The award document stated, "DEGC embodies through their professionalism and commitment to community and economic development, what a partnership between the MEDC and a local EDC can accomplish together."
We at the DEGC and DBRA are honored to receive this award. Brownfield incentives are among Detroit's most important programs, and have been a part of almost every major redevelopment and historical preservation project over the last eight years.
Brownfield tax incentives contribute to the redevelopment of blighted, contaminated, or functionally obsolete properties. These programs offer the developers of eligible properties earned Michigan Business Tax credits and possible reimbursements for remediation, demolition, infrastructure and site preparation costs, made possible through tax-increment revenues generated by the project. The DBRA, one of the state's most active brownfield authorities, has approved over 30 local property tax plans and over 100 state tax credit plans in the last five years. Award documents noted these brownfield redevelopments "have made a significant change in the landscape" in Detroit's historical neighborhoods and Downtown district.
Brownfield redevelopments have included offices for corporate headquarters and community service organizations, downtown hotels, and residential units ranging from affordable housing to high-end condominiums. Among the dozens of historical buildings that have been revitalized with the assistance of brownfield tax plans are the Argonaut Building
and the Westin Book Cadillac hotel
We welcome this recognition from the State, and will continue to strive to optimize the tremendous benefits brownfield projects bring to Detroit.Art Papapanos is the DEGC Vice President, Board Administration