The Michigan legislature will need to increase a cap on the Transformational Brownfield Plan, or TBP, program to ensure funds are available to support large-scale projects and impactful commercial projects across the state. Jared Belka, a partner at Warner Norcross + Judd LLP, affirmed the statewide need to increase the current legislative caps on the TBP in an interview with Crain’s Grand Rapids Business.
The TBP fund is nearing its $1.8 billion cap, which means developers who have been invited to apply are sitting on the sidelines. Belka, who leads the firm’s Economic Incentives Practice Group, called the funding a game-changing incentive tool that has no alternative replacement.
“There is no other tool that can backfill this, and if you want to continue to see impactful projects in communities, and many of these are sites that you walk or drive by on a daily basis, those projects are not going to move forward without some level of significant support,” Belka told Crain’s. “The right projects that are able to utilize this, it’s a game changer and it would be tough to see if it’s not expanded.”
Warner offers clients the largest team of economic incentives attorneys in Michigan and, in terms of years of experience and range of expertise, one of the deepest legal-business benches in the nation. Belka and his colleagues have secured billions in incentives, including TBP funds that are supporting Acrisure Ampitheater, Amway Stadium and Factory Yards, among others.
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