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Detroit’s theatre and waterfront districts are being transformed into productive and profitable properties. Nevertheless, many properties remain undiscovered and abandoned. Many parcels were removed from the tax rolls years ago and simply need rehabilitation. To encourage development and rehabilitation, the Wayne County Land Bank offers the TURBO program (“Transforming Under Developed Residential & Business Opportunities”). TURBO reimburses private investors with “cash back” for significant real estate investment in Wayne County. TURBO reimburses expenditures that improve a property and transform it into productive use. Among other criteria, an eligible development project must increase the taxable value of the property. The program also makes development easier by offering a way to discover and cure title problems. The three TURBO options offer different financial benefits, as follows:
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