About Us

Environmental
Work

BROWNFIELD TAX
CREDITS

REAL ESTATE
ASSEMBLY

TAX
ABATEMENT

TITLE
CLEARaNCE

Development
Partner

Environmental Work —

All real estate owned by a land bank is exempt from all environmental liability other than due care.

In partnership with the MDEQ, InnovaLaB will evaluate and remediate recognized environmental concerns for redevelopment potential.

Abandoned or foreclosed properties that are acquired by InnovaLaB via any means are given priority by public agencies including but not limited to the MDEQ and the USEPA for emergency response and clean up funding.

Brownfield Tax Credits —

All real estate owned by a land bank is automatically considered a Brownfield.

MCL-Act-381-of-1996 the BROWNFIELD REDEVELOPMENT FINANCING ACT establishes that all real estate owned by a land bank is considered a qualified brownfield and is thus able to all of the tools and actions afforded brownfield sites.

This is true of single sites and also multiple sites through a scattered site Brownfield TIF.

On Brownfield projects, the fact that the SEV is dropped to zero means the Brownfield TIF calculation is determined from a basis of zero thus maximizing the TIF award

Real Estate Assembly —

Land banks are able to assemble and hold real estate for future large-scale development or public works projects.

InnovaLaB is able to take title to real estate for the purpose of holding for a predetermined period of time allowing a developer to assemble additional parcels to.

Because all real estate owned by InnovaLaB is exempt from property taxes developers can partner with us via “land banking” agreements thus significantly reducing project costs.

In certain instances InnovaLaB is able to leverage our ability to secure non-traditional forms of lending to purchase strategic parcels to aid in the development of affordable housing

Tax Abatement —

The state equalized property tax value (SEV) of all real estate owned by a land bank is reduced to zero. On January 1 of the following year that a land bank takes title to a property the SEV is dropped to zero and stays that way until the property is re-sold.

Tax abatement is a tool that works well with other InnovaLaB tools such as property assembly or Brownfield designation.
In a property assembly partnership having the property taxes eliminated greatly reduces holding costs.

On Brownfield projects, the fact that the SEV is dropped to zero means the Brownfield TIF calculation is determined from a basis of zero thus maximizing the TIF award.

Title Clearence —

Land banks are able to clear any cloud on title in 60 days through an expedited quiet title action. InnovaLaB annually enters into a mass expedited quiet title action whereby we are able to obtain a Quiet Title Action on real estate. This includes properties specifically acquired by InnovaLaB as well as privately owned properties that can be transferred to us for the purposed of obtaining clear title. Often times individuals or developers purchase real estate from auctions or other non-traditional markets where they are purchasing “as is” with cloud on title. Other times families may inherit real estate with cloud on title. In these instances, the property owner can participate in InnovaLaB’s annual quiet title action.

Development Partner —

Land banks are a perfect partner to work with on any form of real estate development as they are able to take risks that non-profit and for-profit developers cannot. InnovaLaB is able to serve any role in a real estate development endeavor including but not limited to lead developer, co-developer, member of a limited partnership, property holding company, etc. Through the utilization of the various tools InnovaLaB has at its disposal, developers can lower costs, increase value, reduce risk, shorten timelines, etc.

Michigan land bank legislation gives InnovaLab unique tools to use in real estate and economic development projects. InnovaLab provides these tools to local units of government as well as nonprofit and for-profit developers to revitalize and stabilize communities throughout Kent County.

By purchasing and facilitating acquisition and rehabilitation of bank-owned and tax-foreclosed properties, InnovaLab helps:

Kent County’s local units of government:

  • Stabilizes neighborhoods
  • Eliminates blight
  • Increases property values
  • Creates economic development opportunities
  • Preserves neighborhood character.

Nonprofit developers:

  • Revitalizes properties by giving them access to tax- and bank-foreclosed properties in their development areas.

For-profit developers:

  • Quickly clear titles on properties
  • Obtain brownfield designations on contaminated properties
  • Fully inspect and make educated decisions on purchasing tax-foreclosed properties
  • Provides access to purchase bank foreclosed properties.