Environmental

In Michigan, a property with a Brownfield Redevelopment Plan under Michigan's Brownfield Redevelopment Financing Act may receive:

AAutomatic EGLE cleanup certification

BTax increment financing (TIF) to reimburse eligible environmental and infrastructure costs✓ Correct

CExemption from all zoning requirements

DState purchase of the contaminated land

Explanation

Michigan's Brownfield Redevelopment Financing Act allows local brownfield redevelopment authorities to capture tax increment revenues to reimburse eligible brownfield costs including environmental assessment, cleanup, and infrastructure improvements.

People Also Study

Key Terms to Know

Zoning

Local government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.

Variance

Official permission to use land in a way that does not conform to the applicable zoning ordinance, granted by a zoning board when strict enforcement would cause undue hardship.

Closing Costs

Fees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.

Transfer Tax

A tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.