The Grand Rapids Business Journal has featured an article by Warner Norcross + Judd Partner Jared Belka titled, “Economic incentives can fill gaps in project financing.” With the rising costs of raw materials, supply chain issues, a tight labor market and increasing interest rates – developers are watching their construction costs skyrocket, even as demand increases.
In this article, Belka discusses how Michigan is seeing strong demand for industrial facilities as manufacturers need to expand production, as well as a very strong demand for housing at all price points. Developers are juggling these competing realities and we’re now seeing a renewed interest in economic incentives as a way to fill the gaps in project financing.
Developers have various federal and state programs to help them turn blueprints into reality. Local programs are also providing financial incentives to broaden access and increase diversity in underrepresented businesses.
Belka outlines how ARP, brownfield and land bank incentives are available to help developers and how they can take advantage of these opportunities.
Read the full GRBJ article here.
Belka concentrates his practice on economic development, with a primary focus on securing brownfield redevelopment incentives. His deep knowledge and stellar reputation for hard work and honesty engender trust and make him a go-to lawyer in this arena. Belka also counsels organizations on public-private partnerships, real estate and environmental law matters. Read his full bio here.