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:
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 (click here) 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: If an online information source is not working, check the Tracker inventory page for an updated link.