Michigan Community Revitalization Program (MCRP)

Overview

The Michigan Community Revitalization Program (MCRP) is an incentive program available from the Michigan Strategic Fund (MSF), in cooperation with the Michigan Economic Development Corporation (MEDC). The focus of the MCRP is to encourage and promote structural renovations and redevelopment of brownfield and historic preservation sites located in traditional downtowns and high-impact corridors. MCRP provides gap financing in the form of performancebased grants, loans, or other economic assistance for eligible investment projects in Michigan.

PROGRAM PROVISIONS AND GUIDELINES

MSF support for a single project shall not exceed 25% of the eligible investment, and in no event shall the MSF support exceed a total of $10,000,000 for any project (including any combination of loan, grant or other economic assistance). However, in a city, village, or township with a population of 15,000 or less (based on the most recent federal decennial census), the amount of community revitalization incentives for a project shall not exceed 50% of a project's eligible investment up to $10,000,000. Additionally, the statute also allows that annually the MSF or its delegates may consider support for up to three single projects that shall not exceed 50% of the eligible investment for the specific purpose of historic preservation. Further, no part of the MSF support that is in the form of a grant shall exceed $1,500,000 for any project.

The MSF shall consider the following factors (as applicable) when considering a project for MSF support:

1. The applicant's financial need for the incentive and whether the project is financially and economically sound;
2. The importance of the project to the community, the amount of local financial support to the project, and the
   level of private sector and other contributions to the project, such as federal tax credits;
3. Whether the project incorporates basic tenants of urban design by promoting mixed-use development, walkable communities and/or increasing the density of the area;
4. Whether the project will redevelop a brownfield and/or historic resource and/or a vacant structure; if historic, whether the project will follow the federal secretary of the interior's standards for rehabilitation of historic buildings;
5. Whether the project promotes sustainable development;
6. The level and extent of environmental contamination;
7. If the project will act as a catalyst for additional revitalization and/or addresses area-wide redevelopment strategies;
8. Creation of jobs;
9. Whether the project addresses underserved markets of commerce; converts abandoned public buildings to private use; and if the project will compete with or affect existing Michigan businesses; and
10. Any other additional criteria approved by the board that are specific to each individual project.

MSF support shall be memorialized by final written grant, loan or other economic assistance agreements, with terms and conditions in accordance with state law, these guidelines and otherwise satisfactory to the MSF, including, without limitation, requiring performancebased milestones which shall govern disbursements; and requiring periodic reporting of data, financial information, and any other information required to facilitate reporting to the MSF and the Michigan legislature, including periodic reporting after completion of a project.