Belleville is looking at updating incentives to bring new industrial development into the community.
During Thursday’s Economic Development Committee meeting, Manager of Economic Development Elisha Maguire spoke about efforts to attract new industrial growth to the area.
While currently development charges are being waived for eligible industrial properties in Belleville, the incentives are being re-evaluated. A study on continuing or offering new incentives is set to be completed in March 2025, which will determine how the city plans to bring in new industry.
Maguire said that community improvement plans like this are used to help encourage specific types of development that a community needs.
“One example of a type of incentive that could come from a study like that is a tax increment program where there’s a tax rebate or a tax relief over a period of time, while that new development is coming into the community,” said Maguire.
Any new incentives, or continuation of the existing development fee waiver, would be recommended when the study is completed.
