Incentives & Development Tools

Oak Park’s Economic Development team can help identify operational financing and incentive opportunities, assist with applications and serve as a liaison to authorizing officials.

Financing

• Michigan Economic Development Corporation - The State of Michigan’s primary economic development agency, offering funding, incentives, capital access, redevelopment tools, workforce support programs, export assistance and gap financing that may support eligible projects in Oak Park.
• Capital Access Program - Michigan Economic Development Corporation program leveraging public resources to enable private bank financing for small businesses
• Critical Industry Program - Michigan Economic Development Corporation program offering deal‑closing or gap financing for qualified investments that create/retain jobs.
• Jobs Ready Michigan - Flexible talent support addressing recruitment and training costs for high‑wage, high‑skill occupations.
• Michigan Collateral Support Program - Establishes cash collateral accounts with lenders to address collateral shortfalls.
• Michigan Loan Participation Program - Helps finance diversification projects where lender cash-flow concerns are high.
• State Essential Services Assessment - The Michigan Strategic Fund may exempt or reduce State Essential Services Assessments for projects that create jobs/private investment.
• Property Assessed Clean Energy Program - Long‑term financing for energy/water efficiency and renewables via a special assessment.
• Michigan Community Revitalization Program - Gap financing (performance-based grants/loans) for structural renovations, Brownfield and historic projects in downtowns and corridors.
• STEP Export Marketing Grants - Assistance for trade missions and export marketing via the Michigan Economic Development Corporation.
• Michigan Emerging Technologies Fund - Expands funding for Michigan tech‑based small businesses pursuing federal innovation Research and development.
• Property Assessed Clean Energy Program - Long-term financing for energy/water efficiency and renewables via a special assessment.
• Michigan Business Development Program and Michigan Community Revitalization Program - Both frequently support commercial and mixed-use investment.
• Oakland County Business Loans -  Offers flexible financing options to support business growth, including funding for equipment, real estate, expansion and other capital needs.

Grants

• Michigan Skills Enhancement Fund - The MI Skills Fund helps fund the cost of training for individuals pursuing industry-recognized credentials, certificates, and skills in high-demand fields.

Tax Incentives

•  The Obsolete Property Rehabilitation Act - Property tax exemptions for eligible rehabilitated commercial housing properties within an Obsolete Property Rehabilitation District. Learn more by viewing our Oak Park OPRA Procedures and Guidelines.
• PA 255 – Commercial Redevelopment Act - Encourages replacement, restoration and new construction of eligible commercial property by abating taxes from new investment (up to 12 years).
• PA 210 – Commercial Rehabilitation Act - Abates taxes on qualified commercial property (15 years or older or previously commercial) and some multifamily residential (up to 10 years).
• Public Act 328 – New Personal Property Exemption - Allows eligible businesses to abate personal property taxes on new investments including manufacturing, R&D, wholesale and office.
• Brownfield Redevelopment Authority - The City of Oak Park established a Brownfield Authority during Fiscal year 2004/2005. The Authority was made possible via Brownfield Redevelopment Financing Act (PA381) which is administered by the State of Michigan.Through the Brownfield Redevelopment Authority and its Revolving Loan Fund, the city uses tax-increment financing to help renovate neglected or contaminated sites. This financial tool helps developers transform underutilized properties into productive community assets. If a property is contaminated, physically deteriorating or outdated, these programs provide incentives to offset the high costs of revitalization. Covered expenses often include:

1. Environmental cleanup: Removing hazardous materials or soil contaminants.
2. Site preparation: Demolition and clearing the land for new construction.
3. Safety upgrades: Lead and asbestos removal.
4. Public infrastructure: Improving surrounding utilities or sidewalks to support the project.