Subsidy Tracker Individual Entry

Company: 
Bedrock Detroit
Parent Company: 
Bedrock Detroit
Subsidy Source: 
state
Location: 
Michigan
City: 
Detroit
County: 
Wayne
Project Description: 

Urban redevelopment project

Year: 
2018
Major Industry of Parent: 
real estate
Specific Industry of Parent: 
real estate
Subsidy Value: 
$618,000,000
Program Name: 
Michigan Strategic Fund
Awarding Agency: 
Michigan Economic Development Corporation
Type of Subsidy: 
MEGADEAL
Number of Jobs or Training Slots: 
7,738
Wage Data: 
$34
Wage Data Type: 
average per hour wage
Capital Investment: 
$2,200,000,000
Source of Data: 

The information on the package was taken from: Louis Aguilar, "Gilbert seals $618M tax incentive package for 4 Detroit projects," The Detroit News , May 22, 2018; online at https://www.detroitnews.com/story/news/local/detroit-city/2018/05/22/tax...

Notes: 

Bedrock Detroit founder and chairman Dan Gilbert is also the founder of Quicken Loans. The sources of the $618 million subsidy package include: $256.3 million from state income withholding taxes of new workers at the development; $229.6 million from a TIF-like program; $60.6 million in state sales taxes exemptions on construction materials; $51.7 million from state income taxes from residents living in the new buildings; $18.2 million in state income taxes from construction workers building the projects; and $1.7 million in city income taxes. The urban redevelopment includes creation of the tallest building in the city on the empty Hudson's block on Woodward Avenue; developing 3 acres of mainly vacant space on the Monroe Block; renovating the equivalent of seven football fields of interior space at the long-dormant Book Tower and Building on Washington Boulevard; and adding an 11-story annex to the One Campus Martius building." The project is connected to Dan Gilbert, founder of Quicken Loans and Bedrock Detroit. Jobs and wages are projected jobs and wages generated by the finished development. Overlap with main Subsidy Tracker data: none

Source Notes: 
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