Applications for the TURBO program due Dec. 4

Although there are several different land banks operating in the State of Michigan, only the Wayne County Land Bank has transformed the revenue derived from the traditional land bank model into an economic incentive for developers who invest in Wayne County.

Wayne County's TURBO Program (Transforming Underdeveloped Residential and Business Opportunities) provides meaningful financial incentives to private property owners who develop or rehabilitate unproductive land within the County. This program, offered exclusively through the Wayne County Land Bank, has only been in operation since 2006. In three years, it has helped spark more than $400 million in new investment in Wayne County and created more than 3,000 new jobs.

Under the TURBO Program, an investor may receive up to:

• One year tax exemption during the year of construction +
• 50% reimbursement of an amount equal to the real property taxes for 5 years (i.e., partial reimbursement for improvements made to the property)

This year's deadline to submit TURBO applications is DEC. 4, 2009.

This year's deadline to close is DEC. 16, 2009.

For more information about the TURBO Program, please visit www.waynecounty.com/landbank.