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Posted on: February 9, 2017

Public Hearing - Commercial Rehabilitation District

A public hearing has been scheduled for 6:30 P.M. on February 20, 2017, to consider the establishment of a Commercial Rehabilitation District per Public Act 2010 of 2005.  Public Act 210 encourages the rehabilitation of commercial property by abating the property taxes generated from new investment for a period of up to 10 years. As defined, commercial property is a qualified facility that includes a building or group of contiguous buildings of commercial property that is 15 years or older, of which the primary purpose is the operation of a commercial business enterprise or multifamily residential use. A qualified facility may also include vacant property or other commercial property which, within the immediately preceding 15 years, was commercial property. Types of commercial business enterprises include office, engineering, research and development, warehousing, parts distribution, retail sales and other commercial activities. Multifamily residential is housing that consists of five or more units.  Commercial properties that are allocated new market tax credits are also considered a qualified facility.  Additional information regarding this topic is available at City Hall during regular business hours or online in the Document Center.

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City Hall: 501 S Stephenson Ave. Iron Mountain, MI 49801
P: 906-774-8530 F: 906-774-3774