Michigan law clears the state’s economy for take off
The sky is the limit for a new law in Michigan that aims to stimulate economic development around airports and other transportation hubs. The Next Michigan law, signed by Gov. Jennifer Granholm on Dec. 15, will create a chain of development organizations across the state, including the Aerotropolis Development Corporation (ADC), which is expected to draw $10 billion in economic investment and create 64,000 jobs.
The Next Michigan legislation, comprising six bills, permits the designation of up to five regional entities across the state called Next Michigan Development Corporations, according to Granholm’s office. The regional entities will offer economic incentives to businesses that rely on multimodal commerce to locate near major transportation facilities, such as airports.
The nine communities surrounding Detroit Metro and Willow Run airports already have signed interlocal agreements to be part of the ADC. “This legislation allows the leveraging of one of our state’s greatest assets — the Detroit Metropolitan and Willow Run airport corridor — to attract businesses and create tens of thousands of jobs in southeast Michigan,” Granholm said. “It also enables communities in other regions of the state to band together to stimulate economic development around the transportation assets in their areas.”
A Next Michigan Development Corporation can establish up to 12 Renaissance Zones based on the number of participants in interlocal agreements, according to Granholm’s office. Each zone may be up to 200 acres in size, and a maximum of 25 businesses statewide can qualify for Renaissance Zone benefits.
Read Granholm’s entire release.
