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Next Michigan Development Corporation (NMDC)

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What is Next Michigan ?                                                         NMDC Logo

The Next Michigan legislation provides additional economic tools designed to give communities flexibility in recruitment of new businesses, providing capacity for existing businesses to expand and for thoughtful redevelopment of zones that have been neglected through the last few years. Only 5 Corporations will be allowed in Michigan, with only 1 available in Northern Michigan (North of Clare).

This tool is locally driven and is basically considered an arm of the State Michigan Economic Development Office. An example of tools that could be utilized:   

 

  • Creation of a Multijurisdictional Local Development Financing Authority's (LDFA), with the ability to utilize state tax capture within the LDFA with the approval of the State Treasurer.
  • Ability to establish renaissance zones (the number of renaissance zones allowed would be determined by the State of Michigan). 
  • Ability to grant property tax abatements.   

 

Additional Information:
Next Michigan Outline
Next Michigan Presentation
Next Michigan Meetings