Three Detroit developments are part of the latest round of projects to receive aid from the Michigan Economic Development Corporation and its Michigan Strategic Fund. The approved projects are part of a larger group throughout the state. MEDC expects 11 developments to generate over $419 million in new investment and 1,471 new jobs across Michigan.
Source: Michigan Economic Development Corporation press release
- The issuance of private activity bonds has been authorized for the construction of an arena district between downtown and Midtown Detroit. With a new Red Wings arena as an anchor, the construction of the entertainment, residential, and commercial district is set to break ground this Thursday, September 25. The $450 million in private activity bonds were originally announced by the MEDC in July 2013. The group estimates that construction and construction-related jobs will total anywhere from 5,300 to 8,300 just for the arena itself. Half of those jobs will be filled by Detroit residents, as required by the initial agreement. Once open, the MEDC estimates 1,100 permanent jobs will be created by the arena.
- The recently announced residential addition atop the 10-level parking structure adjacent to the Westin Book Cadillac Hotel is receiving $1,841,533 in Michigan Business Tax brownfield credits and $4,798,000 in Michigan Community Revitalization Program performance-based equity investment. 80 one-, two-, and three bedroom units are planned for the development. Three jobs are expected to be created.
- Automotive supplier American Axle & Manufacturing is receiving a $1 million Michigan Business Development Program performance-based grant to rehab a vacant building next to its headquarters to function as a technical center and showroom. A 12-year property tax abatement from the City of Detroit has also been offered to the company. 75 jobs will be created, says the MEDC.
Writer: MJ Galbraith
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