Legislature approves tax credits for Michigan "Aerotropolis"
The current lame-duck Michigan legislature passed a tax incentive package this morning to encourage the development of a Michigan Aerotropolis.
So what is it? Here's how the Detroit Region Aerotropolis explains the idea:
An Aerotropolis is an emerging type of urban form comprised of aviation-intensive businesses and those businesses that need to be readily connected to their customers. These businesses, and related enterprises, extend outward from a major airport.
Government officials hope companies will take advantage of the tax incentives to locate their businesses near two big airfields in southeast Michigan (Detroit Metro and Willow Run). Ideal businesses would be e-commerce companies, logistic companies, businesses with employees who travel a lot, shipping companies, time sensitive manufacturing - the list goes on.
Crains Detroit Business reports that "its benefit projection is 60,000 new jobs and $10 billion in annual economic impact by the time the project is built over 25 years."
The Detroit Free Press reports that the sponsor of the legislation, Rep. Douglas Geiss (D-Taylor) said:
"This is great news for our residents and our communities here in Wayne County and all across Michigan that will help boost our local economy and create good-paying jobs for our workers."