Local economic development can be encouraged if appropriate land is readily available for potential developments. This process of land acquisition by a municipality can be a deciding factor in attracting a new business.
Local economic development can be encouraged if appropriate land is readily available for potential developments. This process of land acquisition by a municipality can be a deciding factor in attracting a new business.
To encourage this, the State of Michigan has an Urban Land Assembly program. The state's 1981 Public Act 171 establishes a state-based revolving loan fund for purposes of land assembly by local municipalities. These low-interest loans are intended primarily for land acquisition for local economic development, but may in some instances be used for infrastructure development.
The program is intended for areas with relatively high levels of unemployment, low population growth, or overall low state equalized property values. To qualify, proposed land acquisition should be greater than 10 acres, unless the project is industrial or otherwise considered "critical." Upon sale of the property for development, the loan amount for land acquisition is to be repaid proportionally to how it originally was received, not to exceed 10 years.
| Economic development | Economic development strategies |
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