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MI Senate Committee Approves Brownfield Proposal
The Michigan Senate’s economic development and international investment committee unanimously signed off on a five-bill package, known as the “transformational brownfield projects.” The proposal is backed by Detroit businessman Dan Gilbert, his Rock Ventures LLC, and economic development agencies across Michigan.
The plan would require a minimal amount of private capital, in exchange for a capture of sales and income taxes from visitors and residents at the new developments. The capture would help defray the high expense of cleaning brownfield sites, and preparing them for development.
The Senate panel approved minor changes to the bill. The bill’s main sponsor is Sen. Ken Horn, a Republican from Frankenmuth, MI.
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