The Detroit City Council approves the $1.5 billion Detroit project – TNN
The Detroit City Council approves the $1.5 billion Detroit project The Detroit City Council approves the $1.5 billion Detroit project 00:37 (CBS DE... The Detroit City Council approved a $1.5 billion mixed-use project for the Detroit district on Tuesday, a week after the council postponed the vote to understand the proposal and ensure it benefits all Detroiters. The project, led by Olympia Development and Related Companies, will include 10 renovated buildings such as affordable housing, hotels, office and retail spaces between Comerica Park and Little Caesars Arena. Before the vote, opponents of the project were concerned about the $600 million in tax breaks and the companies’ promise to create 18,000 jobs, including 6,000 permanent positions. Once approved by the city council, the project still requires approval from the Michigan Strategic Fund.
Published : one year ago by TheNextNews in
(CBS DETROIT) – The Detroit City Council approved a developmental stimulus for the Detroit district on Tuesday, a week after the council postponed the vote to understand the proposal and ensure it benefits all Detroiters.
The $1.5 billion mixed-use project, led by Olympia Development and Related Companies, will include 10 renovated buildings such as affordable housing, hotels, office and retail spaces between Comerica Park and Little Caesars Arena.
“Today, the City Council voted for a future where all Detroiters who want a high-paying job can find one,” Detroit Mayor Mike Duggan said in a statement. “Our young talent shouldn’t have to leave Detroit to go to Atlanta, Chicago or Miami to chase their dreams. With today’s vote, many more of those dreams will be realized here in a growing and vibrant city. Thanks to Detroit City Council and to the members of the Neighborhood Advisory Committee who worked so hard to reach an agreement that will benefit all of Detroit.”
Before the vote, opponents of the project were concerned about the $600 million in tax breaks and the companies’ promise to create 18,000 jobs, including 6,000 permanent positions.
“While I support development and generally support what is being proposed by the developers, their development agreement and accompanying Community Benefits Agreement lack the required specificity, equity and ownership guarantees, and business case to gain my support,” Sheffield said in a statement. declaration.
Once approved by the city council, the project still requires approval from the Michigan Strategic Fund.
Topics: Michigan, Detroit