Lansing's airport isn't in Lansing, it's in Dewitt Township.

A deal between Lansing and Dewitt Township, passed by both Lansing's City Council and Dewitt's Board of Trustees Monday, doesn't change that.

What it does do is give Lansing access to a desperately needed stream of revenue and provides city services to the Capital Region International Airport.

Under the agreement, Lansing and Dewitt Township agree to share property tax revenues. Current businesses will be charged Dewitt Township's property tax rate, while any new businesses would pay Lansing's. Many of the airport's current businesses will be subject to the city's 1 percent corporate income tax, while employees who don't already live in Lansing will pay a half percent personal income tax.

"The combination of the corporate and personal income tax could be, worst case, as much as $10,000 to $15,000," said Mike Borta, manager of airport-based QOE Consulting. "If that were the case, we'd look at moving off the airport."

The deal allows the two municipalities to apply for a "Next Michigan" designation at the airport, something that could draw in new businesses.

"It sets up a whole new toolbox for incentives and assistance for business than can currently only be given by urban centers and the city," said Bob Trezise, president and CEO of the Lansing Economic Development Corporation.

The application for that designation has to be submitted by the end of the week, so Lansing's Council and Dewitt's Board acted in the nick of time.