Programs limited to designated geographic areas meeting specific criteria
Eligible costs include land acquisition, site preparation, construction of infrastructure, payment of principal and interest on tax increment bonds issued by the municipality, and other capital costs within the district. Expenditures on the creation of public works projects within the manufacturing zone may be incurred directly by the municipality or indirectly by a private entity and paid for with funds granted by the municipality. The authority may sell or lease any real or personal property within the TIF district at less than its fair market value. Also, the construction of manufacturing facilities for the direct benefit of a particular company within the zone is allowed.
Incentives Restricted to Certain Industries or Uses
Incentives Tied to Investment
Geographic Area Criteria
Initial application and annual verification required
Local Option in Adoption of Program
Local government must take action to opt in
Local Option Regarding Program Features
Description of Local Option Regarding Adoption or Program Features
The local governing body of a municipality or county in the state may create a Major 21st Century Manufacturing Zone. The local governing body must hold a public hearing and adopt a resolution creating the tax increment district (TID) and adopting a project plan utilizing TIF. The project plan must include a list of the kind, number, and location of all public works or improvements or private improvements planned within the district. Regarding the participation in municipal TIDs, the incremental revenues from all taxing jurisdictions are automatically included. For county TIDs, each municipality included in the proposed area must give consent before the incremental revenues can be used by the TID, other taxing authorities within the TID are automatically included. In cases where it can be shown that losing tax increments would be harmful to a taxing authority, the affected taxing jurisdiction may contribute 20% of its increment or make a lump sum payment.
Description of Geographic Area Criteria
A Major 21st Century Manufacturing Zone must be at least 250 contiguous acres of real property. This property must be determined by a local government to be located, in whole or part, within the boundary of its corporate limits, suitable for the site of an automotive, aviation, medical, pharmaceutical, semiconductor, computer, electronics, energy conservation, cyber technology, or biomedical industry manufacturing facility or facilities, and an area within which not less than one hundred million dollars of capital expenditure in connection with the project is anticipated to be made. The zone may last for no longer than 35 years after the last expenditure identified in the project plan is made.
Description of Eligibility Criteria
A Major 21st Century Manufacturing Zone must include at least 250 contiguous acres and a commitment by the anticipated user of at least $100 million capital investment for facility construction, reconstruction and/or rehabilitation.
Eligible Property Type
Local Government Actions
Local Public Hearing
Local Legislative Body Approval
Description of Eligible Property Type
This is an economic development program, aimed at automotive, aviation, medical, pharmaceutical, semiconductor, computer, electronics, energy, conservation, cyber technology, and biomedical industries within the state. It is aimed at megaprojects developments with substantial investments in terms of construction and land use that will generate significant sources of tax revenue. Property to be developed must be found to be underutilized prior to the implementation of the development project.
Geographic Area Type
Tax Increment Financing Districts