The City of Fenton Brownfield Redevelopment Authority (CFBRA) was established by the City Council pursuant to and in accordance with the provisions of the Brownfield Redevelopment Financing Act, Act 381 of the Public Acts of the State of Michigan of 1996, as amended, for the purpose of facilitating the implementation of plans relating to the identification and treatment of environmentally distressed areas so as to promote revitalization in the City of Fenton. Under the authority of the act, any local unit of government may create a Brownfield Redevelopment Authority to enable a public, private, or non-profit developer to prepare a Brownfield financing plan. The plan enables the CFBRA to:
Capture increases in property tax revenues generated by the redevelopment to reimburse eligible activity costs.
Use captured tax increment revenues to finance a local site remediation revolving fund to support the cleanup of other eligible Brownfield sites.
Provide eligibility for single business tax (SBT) credit to taxpayer/lessees for their investments on the eligible site
Issue Brownfield Redevelopment Authority bonds to front the costs of Brownfield-eligible activities associated with a redevelopment project