Saturday, December 24, 2011
On Wednesday the Lansing, Michigan Capital Region International Airport and surrounding land was designated as an “aerotropolis” by the Michigan Economic Development Corporation Strategic Fund board. The Next Michigan Development program allows the airport to offer tax incentives in order to attract manufacturing, distribution, and technology businesses to the surrounding area.
Incentives can include property tax abatements or the elimination of most state and local taxes for a specified period of time. To qualify for the incentives, a company would have to start a new venture on airport property or expand an existing one. Additionally, companies need to use a minimum of two out of four transportation modes – freight, air, rail, or water.
The airport, in DeWitt Township, is the second in Michigan to receive an aerotropolis designation. The state’s other aerotropolis is located in the area surrounding Detroit Metropolitan and Willow Run airports. In October the city of Lansing and DeWitt Township approved a 425 tax-sharing agreement on the property, designating approximately 850 acres (344 ha) of land as available for future development.