The City of Kentwood provides some helpful resources for investors and those looking to do business in Kentwood. Kentwood has a history of creating ways to make it easy to conduct business in Kentwood. We focus on continued economic stimulation as well as job creation.
The Brownfield Program uses tax increment financing (TIF) to reimburse Brownfield related costs incurred while redeveloping contaminated, functionally obsolete, blighted, or historic properties. It is also responsible for managing the Single Business Tax and Michigan Business Tax Brownfield Credit legacy programs (SBT/MBT Brownfield Credits).
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INDUSTRIAL PROPERTY TAX ABATEMENT
Industrial property tax abatements provide incentives for eligible businesses to make new investment in Michigan. These abatements encourage Michigan manufacturers to build new plants, expand existing plants, renovate ageing plants, or add new machinery and equipment. High-technology operations are also eligible for the abatement.
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Learn more about Kentwood's Tax Abatement
MICHIGAN BUSINESS DEVELOPMENT PROGRAM
The Michigan Business Development Program is a new incentive program available from the Michigan Strategic Fund (MSF), in cooperation with the Michigan Economic Development Corporation (MEDC). The program is designed to provide grants, loans or other economic assistance to businesses for highly competitive projects in Michigan that create jobs and/or provide investment.
Learn more here
The Commercial Loan Program is a City-funded micro loan program intended to encourage investment in the older areas Kentwood by providing low interest loans to rehabilitate existing commercial properties located in and serving low income areas.If you would like to apply for a commercial loan, please contact the Planning Department.
The purpose of Kentwood Revolving Loan Fund is to create permanent private sector jobs within the City and to expand and retain business and industry in our community.
The fund provides local businesses and industries with a potential source of capital to finance expansion projects. The loan is supplementals to traditional private lender financing. Since public sector monies can offered at lowers rates of interest and for longer terms than private funds, the injection of public monies into a project can produce a blended rate of interest which is significantly lower than what can be obtained with strictly private sector financing. Therefore, the perceived risk of private sector lending to a small business venture is reduced.
Is your project eligible for a Revolving Loan Fund?
- Eligible applicants should have the following characteristics:
- Must employ 100 persons or less
- Should be a private, for-business in manufacturing, retail or service industry
- Special consideration will be given to a company that is a supplier of an existing Kentwood industry
- Eligible loans will include the following:
- Fixed asset loans for the acquisition and improvement of land, buildings, machinery and equipment, including new construction and the renovation of existing facilities.
- Eligible projects should include:
- Expansion of existing business or industry
- Retention of existing business or industry
- Funding of a project that involves the introduction of new technology into an area
- A Kentwood business which is a direct supplier to an existing Kentwood business
- The expansion or location of a Kentwood business that employs a new technology, and has potential for growth.
Revolving Loan Fund Guidelines
Revolving Loan Fund Application
About Kentwood Tax Abatements
The City offers real property tax abatement for a term of 12 years, under Public Act 198 for industrial businesses. The City wants businesses to create and retain jobs, and to remain competitive.
Procedure for Tax Abatement Approval
The procedure for the approval of tax abatements approved takes about two months from time the applications are completed and filed with the City and the time it is prepared for forwarding to the State Tax Commission. The applicant must attend a public hearings for the establishment of the industrial development district and for the approval of the certificate. The applicant or the applicant’s representative will be sent notice of the dates and times of these required meetings.
The Kentwood City Commission meets on the first and third Tuesdays each month at 7:30 p.m. at the Kentwood City Hall. The company representative attending the meeting should be prepared to give a short presentation along with answering questions about the operations of the company, products, competitors and employment. The employment data presented should include the number of jobs, wage ranges and benefits associated with the jobs created by the expansion. The representative will be asked to make a brief presentation on the company covering the information provided to the city.
Tax Abatement Policies
Checklist for Tax Abatement
Application for Property Tax Relief
State of Michigan Tax Abatement Application*
Application for Kentwood City*
*Both are required for application for Kentwood Tax Abatement