Wednesday, May 23, 2018

Dan Gilbert seals $618M tax incentive package for 4 Detroit projects

Dan Gilbert seals $618M tax incentive package for 4 Detroit projects
"The approval by the board of the Michigan Strategic Fund in Lansing on Tuesday was the final bureaucratic hurdle for the tax incentive package. The $618 million amount "is a new height for us," Greg Tedder, an executive vice president of the Michigan Economic Development Corp., said at a press conference Tuesday. The strategic fund is part of the MEDC. By comparison, construction of the $863 million Little Caesars Arena received $329.1 million in tax subsidies earlier this decade.



Quicken officials said that over the 30-year period in which the tax incentive package will be repaid, the incentives will have covered 15 percent of the projects' costs; meaning 15 percent will have come from some form of taxpayer money that would have ordinarily gone to schools, fixing roads and generally supporting state government departments..."
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