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Ross Snags $100 Million for DCI Project
/in Detroit, SE Michigan /by Tracy WillisStephen Ross has acquired a $100 million in the state’s next budget for The Detroit Center for Innovation. The Detroit native is the developer of the project. He previously committed to donating $100 million for the center to be built. With the budget deal being finalized, the center will have $200 million of its predicted $250 million price tag. Ross’ company will construct the center and donate it to the University of Michigan. The 200,000-square-foot building will be part of a three-building campus located on Ilitch-owned land and parking lots west of the Fox Theatre in Detroit.
Deeply Affordable Housing Units Planned for Detroit
/in Detroit /by Tracy WillisDevelopers Cinnaire Solutions, Woodbridge Neighborhood Development Corp., CHN Housing Partners and Detroit Blight Busters will create nearly 200 new units for at-risk residents. The four new housing projects will created 183 affordable units for residents who earn 60 percent of the area median income ($42,960 for a family of two). The projects will also include 20 market-rate apartments. Old Redford, Midtown, Woodbridge and MorningSide neighborhoods are the site of the new units. They are funded, in part, by $38 million in Low-Income Housing Tax Credits from the state.
Bankhole Thompson Calls Out Bedrock’s Tax Subsidy Grab
/in Detroit /by Tracy WillisAccording to Bankole Thompson, Detroit needs improvements that will impact the lives of its ordinary residents. The tax breaks for big companies are off the backs of ordinary citizens. Residential poverty still exists because of the lack of initiatives designed to make a difference. The city has given away huge tax subsidies to highly capitalized companies who don’t follow through with concrete plans. This is what’s creating the opposition to Dan Gilbert’s request for $60 million in tax breaks for the Hudson site project. Gilbert has the money to complete the project without a tax break from disenfranchised Detroiters. The author believes the heart of the issue is a civil rights issue. The jobs that are promised during the PR blitz for subsidies often do not materialize. The City Council should use the tax break Gilbert wants for more important quality of life issues.