Financial Report

INCENTIVES

The Hart Economic & Redevelopment Team specializes in working with prospective and existing businesses to secure financial assistance for businesses in Hart.  We are also dedicated to providing assistance to businesses seeking to locate or expand in Hart.  

Opportunity Zone

Tax incentives for Michigan manufacturers to build, expand or renovate including machinery and equipment.

As a designated Opportunity Zone, incentives are available for capital investments in low-income communities nationwide. There are three types of tax incentives that relate to the treatment of capital gains, each of the incentives are connected to the longevity of an investor’s stake in a qualified Opportunity Fund (QOF)that provides the most upside to those who hold their investment for 10 years or more.

Industrial Facilities Exemption (P.A. 198)

Tax incentives for Michigan manufacturers to build, expand or renovate including machinery and equipment.

Industrial property tax abatements provide incentives for eligible businesses to make new investments in Michigan. These abatements encourage Michigan manufacturers to build new plants, expand existing plants, renovate aging plants, or add new machinery and equipment. High technology operations are also available for abatement.  Depending on the scope and type of project, real property taxes can be abated up to 50% for a period not to exceed 12 years for new construction. Further, the 6-mil SET may be abated up to 100% with approval from the MEDC.


In the case of a rehabilitation, the current assessed value of the property prior to improvement is frozen.  This results in a 100% exemption from property tax on the value of the improvements. 

SCORE

Free professional small business counseling service (non-profit) 

SCORE provides confidential business advice through our network of 10,000 volunteer business experts via video chat, face-to-face or email.

TIFA Property Improvement Grant 

Up to 50% match for commercial exterior improvements within the TIFA district

This program provides a matching grant for improvements within the TIFA District. It is a competitive grant program. For every dollar awarded the applicant must spend an equal amount. Individual grant amounts will be up to 50 percent of owner investment. The grant program is funded by the City of Hart TIFA with funds raised through its revenues. Grant applications will be reviewed by the City of Hart TIFA Board. There is no set minimum or maximum number of projects per year.

State Incentive Programs 

Explore incentives through the Michigan Economic Development Corporation 

Michigan has established several state and local economic development resources that provide support for companies investing and expanding their operations and workforces in Michigan communities.

Product or Service Matchmaking 

Connecting you to the regional supply chain 

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Brownfield Redevelopment

Redevelopment incentives for blighted or functionally obsolete properties

The Remediation and Redevelopment Division provides financial and technical assistance including grants, loans, tax increment financing and free site assessments to facilitate the redevelopment of brownfield properties. 

Community Revitalization Program

Promoting community revitalization through grants, loans or other economic assistance for eligible projects that are either contaminated (facility), blighted, functionally obsolete or historic resources

The Michigan Community Revitalization Program (MCRP) is an
incentive program available from the Michigan Strategic Fund (MSF), in cooperation with the Michigan
Economic Development Corporation (MEDC), designed to promote community revitalization that will
accelerate private investment in areas of historical disinvestment; contribute to Michigan’s reinvention
as a vital, job-generating state; foster redevelopment of functionally obsolete or historic properties;
reduce blight; and protect the natural resources of this state. The program is designed to provide grants,
loans, or other economic assistance for eligible investment projects in Michigan.

New Market Tax Credits

Incentivizing community development and economic growth through the use of tax credits that attract private investment to distressed communities

Historically, low-income communities experience a lack of investment, as evidenced by vacant commercial properties, outdated manufacturing facilities, and inadequate access to education and healthcare service providers. The New Market Tax Credit Program (NMTC Program) aims to break this cycle of disinvestment by attracting the private investment necessary to reinvigorate
struggling local economies.


The NMTC Program attracts private capital into low-income communities by permitting individual and
corporate investors to receive a tax credit against their federal income tax in exchange for making equity
investments in specialized financial intermediaries called Community Development Entities (CDEs). The
credit totals 39 percent of the original investment amount and is claimed over a period of seven years.

City Property and Utilities

Incentivizing community development and economic growth through the use of tax credits that attract private investment to distressed communities

The City is willing to negotiate both property costs and utility/development fees for city-owned property.  Developers are required to submit a development proposal which will be reviewed internally for economic impacts.  If the economic impacts are high for the city, fees may be potentially reduced to support the project.