If your business is planning to redevelop a commercial, industrial, office or mixed-use site in an urban or developed suburb, you could be eligible for up to $1 million in funding for site preparation costs. This includes:
• Land assemblage
• Demolition
• Removal of materials and debris
• Engineering costs
Projects must have municipal support and be part of a local development plan.
Municipalities may also apply for long-term, low-interest financing for projects
in municipality-designated redevelopment areas. Bonds are secured by payments
in lieu of taxes (PILOT) agreements negotiated by the municipality and developer, special assessments on property benefiting from the improvements, or both. Qualifying bonds may be excluded from the municipality's gross debt.