Legislation was introduced in the Michigan House today to create an economic stimulus incentive partnership in the Upper Peninsula, similar to those established downstate to help spur business growth and job creation.
State Reps. Ed McBroom and John Kivela have sponsored a two-bill package to expand the state’s Next Michigan Development Act to authorize a sixth partnership, since the five authorized two years ago have been activated. The partnerships allow interlocal agreements between two or more municipal government units to offer a combination of business tax credits, real and personal property tax abatements, tax increment finance plans, and renaissance zones as incentives to stimulate local economies.
“The available economic partnerships all went to regions below the bridge,” said McBroom, R-Vulcan. “Our local communities can definitely use some economic growth and investment to create jobs for families and reenergize our municipal systems. By working together with the incentive tools available through the state program, local leaders will be able to offer assistance to entrepreneurs and established businesses that can help grow our future.”
The goal of a NMDA corporation is to:
· Help develop realistic strategic priorities;
· Ensure state and regional policy integration;
· Align public/private investments and incentives;
· Identify “best practices” in other states/cities/regions for potential use;
· Establish a framework for effective local and regional coordination;
· Evaluate effectiveness and success; and
· Align economic policies for the region for business attraction, export promotion, natural resources and environment, infrastructure, education and workforce, science and technology research, and quality of life.
“It is good to see the U.P. delegation working together, by placing our priorities on improving the lives of the residents of the Upper Peninsula,” said Kivela, D-Marquette. “It is my hope that we will continue to work with one another in Lansing to create positive impacts back home in the Upper Peninsula.”
The program is operated through the Michigan Strategic Fund.
House Bills 4782-4783 have been assigned to the House Commerce Committee for review.