Who Can Use TURBO?
Anyone who owns property within an “Eligible TURBO District” may qualify, including:
- Private Homeowners
- Commercial & Residential Developers
- Landlords
- Community Development Corporations
- Faith-Based Organizations
- Businesses
- For-Profit and Non-Profit Developers
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What property/projects qualify for the TURBO Program?
The property must be located in Wayne County. If the investor is seeking the one-year tax exemption then the property must be within a TURBO Development District designated by the local unit of government or must receive a TURBO Letter of Support from the local unit of government. The Investor can seek a TURBO Letter of Support for his/her individual Project by approaching the appropriate local unit of government. Finally, the Project must involve an investment/improvement in the Property that will result in a substantial increase in the taxable value of the Property. This may include new construction, complete rehabilitation, or partial rehabilitation.
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Why do I have to convey my property to the Wayne County Land Bank (WCLB)?
In order to tap into the financing incentives available to land banks, the TURBO Development Agreement will require the Property owner to convey his/her Property to the WCLB.
This is a necessary element for the TURBO Program but under no circumstances will the WCLB retain ownership fo the Property beyond a mutually agreed upon date.
The deed to the property will be held in an escrow account with the Investor’s title company. The Investor should be aware that this transfer of the Property will trigger the uncapping of the taxable value of the Property.
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What are some examples of investments NOT covered by the TURBO Program?
Minor improvements or additions to existing property do not qualify. Examples of minor improvements are replacement of aluminum siding, adding a deck, painting, replacing windows, replacing a roof. Alone, these types of improvements are not adequate to qualify the property owner for the TURBO Program.
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I don’t understand the proposed TURBO timeline. How does it work?
Here’s an example of the timeline for the TURBO-Maximum Benefit Program:
| Fall 2007 |
Investor approaches Wayne County Land Bank (WCLB) about Project |
| Nov. 1, 2007 |
Investor receives a TURBO Letter of Support from the municipality |
| Nov. 15, 2007 |
Investor and WCLB enter into TURBO Development Agreement |
| Dec. 15, 2007 |
Investor executes deed conveying Property to WCLB |
| Jan. 15, 2008 |
WCLB executes deed reconveying Property to Investor |
| 2008 |
Property is tax-exempt |
| 2009 and on |
Investor/Property owner obligated to pay 100% of all property taxes |
| Summer 2009 |
Investor/Property Owner pays 2009 property taxes |
| Summer 2009 |
WCLB receives its 50% portion of the specific tax |
| 90 days later |
WCLB issues Investor/Property Owner a TURBO Rebate equal to 50% of the 2009 property tax |
| 2010, 2011 |
Investor/Property Owner continues to pay |
| 2012, 2013 |
Property taxes and WCLB issues annual TURBO Benefit |
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