Tax Abatement
The City of Southfield will explore the provision of tax abatement to your company. Please contact our office to discuss your specific needs. The Michigan Plant Rehabilitation and Industrial Development Districts Act provides for tax abatement on qualified properties (industrial plants and high-tech as defined). The Act is designed to maintain existing jobs and create new job opportunities through tax incentives. Maximum abatement length is 12 years
chart (pdf). Southfield’s
policy (pdf) is based on a consistent matrix which equates the abatement length with new investment and employees added. Please review our
tax abatement application (pdf).
Industrial Revenue Bonds
Southfield’s Economic Development Corporation, a non-profit entity which provides lower interest rates on construction and renovation projects through sales of Industrial Revenue Bonds. The bonds finance high-quality industrial developments recommended by the EDC to City Council. Provided for your convenience is the Fee Schedule (pdf), Flow Chart (pdf), EDC Process (pdf) and Application for Project Bonding.
Industrial Parks
Southfield has two industrial parks for light industry and research uses: Central Business Center I & II, at Eight Mile and Lahser Roads; and Bridge Street Industrial Park, in the Eight Mile/Telegraph Roads area. The TechneCenter is a Tax Increment Finance Authority district. Also available is American Commerce Center, a High Tech research and development park at the Franklin/11 Mile Road area.
Special Assessment Districts
Special Assessment Districts are set up to finance public improvements by distributing the cost of projects among benefiting property owners. Typical district uses include sanitary sewers, storm drains, water mains, road paving, sidewalks and street lighting.
Eight Mile/Evergreen Industrial Redevelopment Project
A redevelopment/financing plan for the Mapleridge/Boening/Eight Mile Road area, partially financed by the Local Development Finance Authority. The 15-acre area is being redeveloped by the private sector for light industrial uses. Utilities are available. The area can support 180,000 square feet of industrial uses. Lots may be acquired, cleared and consolidated for redevelopment.
Cornerstone Development District - Southfield Downtown Development Authority
CDA works to correct and prevent deterioration in the designated area, located in the Northland area of southeastern Southfield. New uses for vacant buildings, beautification and identifying new developers are priorities. The CDA is funded by a two-mill levy on SDDA properties and uses tax increment financing. slfddda@yahoo.com
Oakland County and Michigan Financing Tools
Oakland County Planning and Economic Development provides a wide range of services, including capital asset financing through the County’s Local Development Company and SBA 504 loan program; referrals to private and public financing sources; small business counseling; industry-specific data; referrals to SCORE business counselors; economic, demographic and market data; referrals on contract procurement and export development; programs on technology transfer and joint venture matchmaking; employee training, retraining and recruitment; maps and aerial photos.
Michigan Economic Development Corporation provides State and federal job training grant and loan programs; economic development programs; and the U.S. Export Assistance Center works with the Commission in providing a single contact for export marketing and trade finance. The MEDC conducts targeted trade missions and shows with firms wishing to buy or represent American products or services. The State also works cooperatively with the U.S. Export Assistance Center.
For more information, contact Southfield’s Business Development Team, (248) 796-4160 or email southfieldbdt@cityofsouthfield.com