Detroit City Council approves $1.5B District Detroit project
(CBS DETROIT) - The Detroit City Council approved Tuesday a District Detroit development incentive a week after the council delayed the vote in order to understand the proposal and ensure it will benefit all Detroiters.
The $1.5 billion mixed-use project, which Olympia Development and Related Companies spearhead, will feature 10 renovated buildings, such as affordable housing, hotels, office and retail spaces between Comerica Park and the Little Caesars Arena.
"Today, City Council voted for a future where all Detroiters who want a good paying job can find one," Detroit Mayor Mike Duggan said in a statement. "Our young talent shouldn't have to leave Detroit for Atlanta or Chicago or Miami to pursue their dreams. With today's vote, many more of those dreams will be achieved right here in a growing and vibrant city. Thank you 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 Detroit."
Prior to the vote, opponents of the project were concerned over the $600 million in tax incentives and the companies' promise to bring 18,000 jobs which include 6,000 permanent jobs.
On Tuesday, Council President Mary Sheffield opposed the proposed plan.
"While I support development and in general support what's being proposed by the developers, their development agreement and corresponding Community Benefits Agreement lacks the requisite specificity, guarantees surrounding equity and ownership, and business case to garner my support," Sheffield said in a statement.
Following approval from city council, the project will still need approval from the Michigan Strategic Fund.
