The Albion area offers building sites and existing facilities which are available for lease or sale at rates that are very competitive for this region. Industrial Park lots are priced at $6,000 per acre, with substantial incentives available based on amount of investment and job creation. Larger sites are also available.
Manufacturers can apply for tax abatements of 50% for up to twelve years for substantial investments on real or personal property. These incentives are meant to promote expansion and the development of new jobs and the criteria for application are based on these standards.
We will assist businesses in applying for and obtaining grants to help fund aspects of the expansion or development in Albion for services such as workforce development and job training.
The state has incentives in the form of grants, loans, tax credits and abatements. Albion Economic Development Corporation works closely with the state to custom design a package of incentives to meet the needs of each company. Depending upon the amount of investment and the number of jobs created, a project may qualify for public infrastructure improvements and tax credits. The Michigan Economic Development Corporation also provides a variety of services, including a “cost of doing business” analysis. Click here to see State Incentives
The Economic Development Corporation’s Revolving Loan Fund (RLF) is designed to be a “lender of last resort” and form of alternative financing for development projects by businesses in the Albion community. Any business is eligible to apply for a loan and all applications are subject to approval by the EDC/TIFA Board of Directors.