Oakland County communities, developers, and property owners have a number of community and economic development tools available to them. The following tools may be used for possible funding mechanisms for improvements, development and redevelopment projects.
A Brownfield Redevelopment Authority (BRA) is established by a local unit of government to help promote economic growth. Brownfield Redevelopment involves the evaluation and cleanup of properties that are contaminated, blighted, and/or functionally obsolete. This program lays the foundation for redevelopment in a community.
Some of the results of Brownfield Redevelopment include making the property and surrounding area environmentally safe and more enticing for investment.
Tax Increment Financing (TIF) provides an incentive for developers to invest in a property with environmental and/or other challenges. The developer works with the BRA to prepare and implement a work plan to identify the contamination problems and resolve them.