In its first year, Wayne County’s new tax-incentive program, Transforming Underdeveloped Residential & Business Opportunities (TURBO), has helped launch more than $40 million in economic investment countywide and created hundreds of jobs, Wayne County Executive Robert Ficano announced today.

A program of the Wayne County Land Bank, TURBO provides cash reimbursements to property owners who make significant real estate investments in the county. For new construction or total rehabilitation projects, developers may receive a 100-percent tax rebate for the first year of construction and an amount equal to 50-percent of their taxes in cash rebates over the next five years.

TURBO also offers cash rebates for partial rehabilitation and projects involving brownfield development.

The TURBO incentives have been used to jumpstart several developments, including retail projects in Highland Park and Detroit, an envelope factory in Van Buren Township, a bank in Grosse Pointe Woods and a food-service facility in Canton Township. The projects will create about 700 permanent and construction jobs.

And, that appears to be only the beginning. TURBO officials are negotiating incentives for projects planned in Livonia, Melvindale, Garden City, Redford Township, Taylor, Canton Township, Detroit, Grosse Pointe and Plymouth. Investment is expected to top $100 million by the end of the year.

“We are TURBO charged in Wayne County,” the county executive said. “This program is helping to improve existing businesses and attracting new businesses. Tough economic times call for aggressive solutions like TURBO. Invest in Wayne County and Wayne County will invest in you!”

In Highland Park, developer Mike Curis and his partners were among the first to utilize TURBO assistance to begin construction of a new $6-million retail center at the site of the former Sears store on Woodward. TURBO supplied about $400,000 to provide the gap financing Curis needed to succeed where other developers failed. The nonprofit development arm of the city, HP Devco, and others also helped..

The Shops at Woodward Place will feature a grocery store and a credit union with negotiations in progress for several other tenants.

“This will be a complement to Highland Park,” Curis said. “Our projects raise the bar for development. People will like the way this retail center looks.”

Assistant Wayne County Executive Turkia Awada Mullin, executive director of the Land Bank, said municipalities have become familiar with the advantages of TURBO. Communities across the county are seeking assistance for a wide range of projects, including retail and office centers, senior housing and rehabilitation of historic buildings.

Wayne County Treasurer Raymond Wojtowicz is chairman of the Land Bank board of directors. To apply for TURBO incentives or receive further information, go to www.waynecounty.com/landbank.

For additional information, contact Dennis Niemiec at (313) 224-5575 TURBO-supported projects in Wayne County