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MEDC Seeks Applications for Tech Park Designation

DETROIT - Approval would allow tax increment financing for various commercial needs.

By Robert Carr | Updated on August 04, 2000

The Michigan Economic Development Corp. is calling for applications from municipalities interested in receiving the TechZone designation under Public Act 248 of 2000. TechZones, formerly known as Smart Parks, will be established through amendments of the Local Development Financing Act. The amendments allow municipalities to use tax increment financing for property acquisition, infrastructure, business incubators and other park facilities, management and marketing.

Municipalities, in partnership with local economic development corporations, educational institutions and/or private developers, which have formed or are planning to form Local Development Financing Authorities, are eligible to apply for the designation.

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