Doing Business in Bay County
Bay Future, Inc.
Information on services that Bay Future, Inc. can offer to help you grow your business.
Brownfield Redevelopment Authority (P.A. 381)
The creation of a Brownfield Redevelopment Authority allows local decision-making in the various aspects of Brownfield redevelopment.
Brownfield Tax Increment Financing
The Tax Increment Financing Authorities allows municipalities to develop districts with authority to capture taxes due to the increase in property values within a specific district that have resulted from project investments. The districts may be under the jurisdiction of a Downtown Development Authority (DDA), Local Development Finance Authority (LDFA), Tax Increment Finance Authority (TIFA) or Brownfield Redevelopment Authority (BRA).Under the act, the authority may use the captured taxes to pay for water and sewer, roads, environmental testing and other public investments within the development district depending on type of authority. The funds may be used for either industrial or commercial projects.
Community Assistance Team (CATeam) - Specialist Map
Map showing the Community Assistance Team Specialist assignment areas.
Industrial Property Tax Abatement (P.A. 198)
Industrial property tax abatements provide incentives for eligible businesses to make new investment in Michigan. These abatements encourage Michigan manufacturers to build new plants, expand existing plants, renovate ageing plants, or add new machinery and equipment. High-technology operations are also eligible for the abatement.
Michigan Manufacturing Technology Center (MMTC)
The MMTC offers direct technical assistance to small- and medium-sized manufacturers to connect them to the best manufacturing practices and technologies available.
Obsolete Property Rehabilitation Act - OPRA
Obsolete Property Rehabilitation Act provides for a tax incentive to encourage the redevelopment of obsolete buildings that are contaminated, blighted or functionally obsolete. The goal is to rehabilitate older buildings into vibrant commercial and mixed-use projects.
Personal Property Tax Relief in Distressed Communities (P.A. 328)
Personal Property Tax Relief in Distressed Communities allows distressed communities, county seats and certain border county communities to abate personal property taxes on new investments made by eligible businesses.
Private Activity Bond Program (former IDRB)
Private Activity Bonds are a source of financial assistance to economic development projects in Michigan. They provide profitable firms with capital cost savings stemming from the difference between taxable and tax-exempt interest rates.
Procurement Technical Assistance Centers (PTAC)
Procurement Technical Assistance Centers (PTACs) assist companies in getting government contracts. They assist throughout the entire procurement process from pre-award to post-award.
SBA Certified Development Company (504) Loans
The U.S. Small Business Administration's (SBA) program provides small- and medium-sized businesses with long-term fixed rate financing for the acquisition or construction of fixed assets. Businesses must have a tangible net worth of less than $7.5 million and an average net profit of less than $2.5 million for the past two years.
Small Business Administration Loan Programs
Overview of several loan and loan guaranty programs made available through the Small Business Administration.
Tax Increment Financing Authority (TIFA)
The Tax Increment Finance Authority (TIFA) helps eligible cities to stop the decline of property value in a specific area. In addition, TIFA districts are designed to increase the property tax valuation of the area and to eliminate the causes of the decline in property values. In short, TIFA districts promote growth in a specific area within a city.