Ford's plan to redevelop Detroit's abandoned Michigan Central Station into a tech campus received a major boost from the city.
Detroit approved $104 million in tax breaks to subsidize Ford's adaptation of the old Michigan Central Station into a campus for autonomous and electric vehicle technology.
The $740 million, 5,000-worker campus is expected to generate a net benefit of $371 million for the city over 35 years, during which Ford will see a total of $239 million in tax breaks. Part of the deal is a community benefits agreement in which the company will invest $10 million in the Corktown neighborhood surrounding the abandoned station: $5 million for workforce training, $2.5 million for a city development fund, and $2.5 million for affordable housing.
The agreement relies on several programs aimed at incentivizing redevelopment: the Obsolete Property Rehabilitation Act, Commercial Rehabilitation Districts, and Renaissance Zones.
FULL STORY: City Council OKs $104 million tax breaks for Ford's Corktown campus
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