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City of Flint Business Development Total Investment : $4,623,883 FAEC Loans


 

 

BROCHURE

 

 

 



 

 

 



 

 

 

 


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Flint Area Enterprise Community

Designation:
Since January 1, 2002, areas located in the City of
Flint and Mt. Morris Township has been designated
as a Renewal Community, which offers resources to
businesses using federal tax incentives as a tool to
expand business opportunities. The program expires
December 2009.

Requirements:

Your business must be located or be willing to expand
its operations in the Renewal Community area AND
offer employment to residents residing in the area.
 

Flint Businesses Take Advantage of Renewal Community Federal Tax Incentives in 2008 :

Eight Renewal Community Business owners were able to take advantage of $11,403,745 in CRD allocations in 2008 through HUD’s Renewal Community Program.  103 jobs were created/retained from these Renewal Community Businesses:

  • Genesee Valley Windows located at 4221 James P. Cole – a quality window and window replacement company

  • Hoffman’s Deco Deli/Carriage Town Antique Center located at 503 Garland – Fresh sandwiches, salads, soups and deserts with indoor and outdoor patio seating; Flint’s only quality antique center; vintage collectibles; conducts professional estate sales

  • Tom Z’s Coney Island located at 401 W. Court – Home cooked meals served daily; open 24 hours

  • River City Developments, LLC located at 501 W. Kearsley  – commercial/residential development

  • Baker Uptown, LLC  located at 555 S. Saginaw – commercial/residential development

  • Community 1st, LLC  located at 500 S. Saginaw – commercial/residential development

  • TMD International located at 1900 N. Saginaw - manufacturer of automobile parts

  • Sectorlink located at 512 Buckham Alley - a dedicated
    co-location and web hosting provider

Renewal Community Benefits

Available tax incentives to businesses can assist in:

  • Reducing Federal Tax Liability

  • Promoting Economic Growth

  • Enhancing Employment and Job

  • Development Opportunities
     

Available Federal Tax Incentives:

  • Tax Credits for Wages

  • Commercial Revitalization Deductions

  • Section 179 Deduction on Equipment and Machinery

  • Environmental Clean-Up Deductions

  • Capital Gain Exclusions

  • Bond Financing and New Market Tax Credits

  • Child Care Tax Credits ( Low to Moderate Income
    Working Families)

  • Earned Income Tax Credit (EITC)

Coordinating Responsibility Authority (CORA)

The Flint Area Enterprise Community, Inc. serves as
the CORA with responsibility for the coordination of
all information pertaining to businesses and residents
in the designated RC area.

Contact us for assistance in accessing federal tax incentives.

CONTACT US
805 Welch Blvd.
Flint, MI

48504

Phone: 810-341-1499
Fax: 810-341-1182
email:
gshavers@cityofflint.com 

 



 

Commercial Revitalization Deduction  (CRD) is one of the many federal tax incentives available to Renewal Community businesses.   
Businesses that construct or rehabilitate commercial property in the Renewal Community can deduct a portion of the cost of acquisition and rehabilitation over a shorter period of time than permitted under standard depreciation rules.

For example, a taxpayer can elect either to deduct one-half of the CRD for the taxable year the building is placed in service or amortize over a 120-month period beginning the month the building is placed in service.

This special deduction provision would be in lieu of depreciating the property over a period up to 39 years. 

 

 















 

City of Flint
© 4/24/2014