Detroit's Renaissance Center development plan funding moves forward

After 10 weeks of negotiations, the city of Detroit hits a major milestone for its Renaissance Center.

On Thursday, eight of the nine Neighborhood Advisory Council (NAC) members signed a letter supporting the redevelopment's Community Benefits Agreement.

"Ten Detroiters, 10 ordinary people, did something very extraordinary for this city. Ten Detroit-loving volunteers gave 10 weeks and over 100 hours of their time to put into this document," said NAC chairperson Jamaine Dickens.

The agreement includes millions for housing, small businesses, workforce development, community space and parking. Developers are also committing $90 million in separate tax-related payments over 30 years.

"So, in direct spend in the programs, we committed $43.5 million. $43.5 million is three times the size of the next largest CBA agreement," said Steve Ogden, senior vice president at Bedrock.

The $2.2 billion plan would demolish two RenCen towers and transform the riverfront with housing, entertainment and public space. But the project has faced opposition over the demolition and roughly $548 million in requested public incentives.

"The responsibility now is to follow through and to turn these commitments into lasting benefits that Detroiters can see and feel," said Mayor Mary Sheffield.

While the city council must still approve the agreement and state approvals remain, the city hopes to complete its approval package before Thanksgiving.