The business under consideration must have expressed its intent to downsize or close. The Major Economic Development Program offers low-interest loans for business development projects that create a significant economic impact. The Technology Development Fund helps businesses finance Phase I product development research. I projects can receive Phase II product-commercialization funding. A city or village can designate a specific area within its boundaries as a TIF district and develop a plan to improve its property values.
Taxes generated by the increased property values pay for land acquisition or needed public works.
The Enterprise Development Zone Program promotes a business start-up or expansion on a particular site in any area of the state that suffers from high unemployment, declining income and property values, and other indicators of economic distress. The program offers tax credits for such activities as hiring disadvantaged workers and undertaking environmental remediation. Tax credits can be taken only on income generated by business activity in the zone. The municipality is not responsible for debt service on IRBs, nor is it liable in the case of default. IRBs are also exempt from federal income tax.