Land Bank T.U.R.B.O. Program presentation

TURBO, which stands for Transforming Underdeveloped Residential & Business Opportunities, is a program of the Wayne County Land Bank. Its purpose is to provide economic incentives to encourage new developments and improvements to property within Wayne County. TURBO reimburses investors by giving cash back to property owners who make significant real estate investments in Wayne County.

The TURBO Program offers 3 options:

• TURBO Maximum Benefit for projects involving new construction or total rehabilitation
• TURBO Limited Benefit for projects limited to a partial rehabilitation
• TURBO Brownfield for projects involving an approved Brownfield Plan

Depending on the option, a investor may receive up to:

• 1 year tax exemption during the year of construction +
• 50% reimbursement of an amount equal to the real property taxes for 5 years (ie., partial reimbursement for improvements made to the property).

TURBO Maximum Benefit
Benefits	Criteria	Expectations
· 100% Tax Exemption in first year of TURBO agreement (year of construction) · Rebate of property improvement expenses equal to 50% of property taxes for five years (years 2-6 following TURBO agreement)	· Project must be new construction or total rehabilitation · Project must result in an increase in the taxable value of the Property · Property must be in Wayne County · If seeking the one year tax exemption, the TURBO project should be approved by the local unit of government. This is not required for the 5 year 50% rebate.	· Investor must complete new construction or total rehabilitation · Investor enters into and honors obligations of TURBO Development Agreement
TURBO Limited Benefit
Benefits	Criteria	Expectations
· Rebate equal to 100% of increased property taxes resulting from property improvement (i.e., “tax increment”); for five years (years 1-5 following TURBO agreement)	· Project is limited to a partial rehabilitation · Project must result in an increase in the taxable value of the Property · Property must be in Wayne County	· Investor must complete partial rehabilitation · Investor enters into and honors obligations of TURBO Development Agreement
TURBO Brownfield
Benefits	Criteria	Expectations
· 100% Tax Exemption in first year of TURBO agreement · Property held by a land bank is automatically Brownfield eligible if: · It is tax-reverted; · It is situated in a core community and is blighted or functionally obsolete; or · It is contaminated and situated in a non-core community. · With approved Brownfield Plan, collection of tax increment to reimburse all Brownfield eligible expenses · Taxable value at Year One is $0	· Project qualifies for reimbursement of Brownfield-eligible expenses and intends to apply for Brownfield Plan approval · Project must result in an increase in the taxable value of the Property · Property must be in Wayne County · If seeking the one year tax exemption, the TURBO project should be approved by the local unit of government. This is not required for the 5 year 50% rebate	· Investor must complete Project and receive approval of Brownfield Plan from local Brownfield Authority · Investor enters into and honors obligations of TURBO Development Agreement

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