DETROIT | Ren Cen | potential redevelopment

[DetroitMan]

The Michigan Legislature approved raising the limit for the transformational brownfield program. Gov. Whitmer plans to sign the bill which will free up money for the Ren Cen redevelopment and other projects across the state.

Lawmakers double incentive limit, freeing up funding sought for RenCen transformation, other projects

Michigan will raise a cap on a tax incentive initiative so more big redevelopment projects can proceed, including potentially the partial demolition and overhaul of Detroit’s iconic Renaissance Center.

Legislators early Friday voted to increase a $1.6 billion limit on post-construction tax captures in the transformational brownfield plan program. The cap, which is nearly maxed out, will become $3.2 billion under a bill that Gov. Gretchen Whitmer plans to sign. Its passage occurred as lawmakers worked to finish the next state budget and OK’d many other measures before likely breaking until after Labor Day.

Several would-be mixed-used projects across the state, including the RenCen revamp, have been in limbo due to the subsidy limit. Now their developers will be able to apply to capture taxes generated from large-scale redevelopments.

It will be up to the Michigan Economic Development Corp. and the Michigan Strategic Fund to sign off.

“The Detroit riverfront is a tremendous asset, and our community deserves a thriving, accessible waterfront destination. The State’s extension of the Transformational Brownfield Program is a critical milestone for the Renaissance Center and riverfront redevelopment, enabling General Motors and Bedrock to bring our community-focused design to reality,” the companies said in a joint statement. “We are grateful to the State of Michigan for helping move this important work forward.”

The transformational brownfield program was enacted in 2017 and expanded in 2023.

https://www.crainsdetroit.com/politics-policy/cdb-transformational-brownfield-plan-cap-20260703/