The “Transformational Brownfield” incentives approved by the Detroit City Council for the $1.5 billion District Detroit still require approval by the state.
The Detroit City Council approved a $616 million “Transformational Brownfield” development incentive for the $1.5-billion District Detroit project, proposed by the Ilitch organization's Olympia Development of Michigan and New York-based Related Cos.
According to an article by Dana Afna and JC Reindl, most of the development incentive included in the project’s community benefits agreement would generate revenue by capturing future state-level taxes, “including state income taxes paid by workers and residents in the planned buildings.”
“The balance would come from future property taxes that would otherwise go to the Downtown Development Authority, or DDA,” according to the article.
“Separately, the developers also will get from the DDA a $23.7 million forgivable loan and $25 million in cash reimbursement for infrastructure improvements.”
The Transformational Brownfield incentive will still require approval by the Michigan Strategic Fund.
The District Detroit development proposal, which has been on the books for a decade, “calls for 10 new and rehabilitated buildings for 1.2 million square feet of office space, 695 apartments, retail spaces and two new hotels: a 14-story, 290-room hotel adjacent to Little Caesars Arena and an adaptive reuse of the 10-story Fox Theatre office building, 2211 Woodward, as the 177-room Fox Hotel,” according to the article.
The article, linked below, provides more details on the politics of the community benefits agreement approved by the city this week.
FULL STORY: City Council OKs incentives for $1.5B District Detroit
Michigan to Provide $618 Million in Tax Incentives to Four Dan Gilbert Projects
Dan Gilbert is investing over $2 billion in four projects in downtown Detroit. The state is matching that ambition with $618 million of its own.
Cleveland City Council Wants More Community Benefits From Developers
A proposed measure would require developers receiving city incentives to provide more benefits to local stakeholders and increase local hiring.
GM's Electric Vehicle Future Arrives Early in Detroit-Hamtramck
GM's first non-internal combustion engine vehicle assembly plant will be in the form of 35-year-old plant straddling the Detroit-Hamtramck border thanks in part to a $2.27 billion state tax credit. Electric pickups, SUVs, and AVs will be produced.
The state-sanctioned urbicide of Austin
People don’t kill cities. Freeways do.
US to reduce Colorado River water deliveries to Mexico
A new Colorado Treaty amendment reduces Mexico’s Colorado River water allocation by 250,000 acre feet.
New Jersey’s second-largest city bans standalone data centers
Jersey City will continue to allow co-location facilities, such as those meant for research institutions that store their own data.
Amtrak not solely to blame for New Jersey commuter rail's unreliability, report finds
A new study from the Garden State Initiative found that NJ Transit’s budget grew 20% across a 4 year period, but reliability declined significantly over the same period.
EPA erases limits on planet-warming pollution from power plants
Under Monday’s plan, power plants would still have some limits on how much mercury, arsenic and other contaminants they can emit.
Phoenix announces new on-demand transit service, more frequent RAPID buses
Both new services will launch in October, and are part of Phoenix's Project Effective Access Solutions for Easing Congestion.
FREE Course: Walkable City 1: Why Walkability?
After describing his path towards focusing on walkability as the essence of good planning, Jeff Speck marches through his five principal reasons for making more walkable places.
Reinventing Malls: Planning Alchemy—Turning Gray Fields Into Gold
The course focuses on the opportunities and imperatives that shape reinvention of mall sites.
Eagle County Government
Harvard University Graduate School of Design
Nashville Planning Department
The Architects Foundation
University of Cincinnati Online
The Pocatello Development Authority
The Urban Renewal Agency of the City of Pocatello
Journal of the American Planning Association