Lawmakers may once again give extension to stalled development in Midtown Detroit

[Airforceguy]

Legislation introduced by Rep. Abraham Aiyash, D-Hamtramck, would let the developers working on The Mid project have until Dec. 31, 2026, to have seven stories of a 15-story building completed, an extension of more than three years on its current deadline of Sept. 14.If that deadline is not met, they are set to lose $8.97 million in brownfield tax credits that would finance the project, the most recent disclosed cost of which from several years ago was $377 million across multiple phases. Representatives for the project two years ago said that if the tax credits went away, the project dies.
Lawmakers in June 2021 gave the Sept. 14 deadline at the 11th hour of its previous deadline to start construction on the tower, slated for the area of Woodward and Mack avenues where the 3.8-acre site has been wrapped in a scrim with the words "Midtown better together" for years. No construction has taken place.



The bill was introduced last week and appeared to be on a fast track. The House Tax Policy Committee heard testimony and approved it Wednesday. The legislation was posted on the House agenda for a vote Thursday, but the chamber did not vote.
"Questions were raised as part of caucus that we will work to address. So we removed the bill from the agenda until those questions can be answered," said Amber McCann, spokesperson for Democratic House Speaker Joe Tate of Detroit. She declined to elaborate.

https://www.crainsdetroit.com/real-e...on-stalled-mid

[401don]

Sounds firm this time, LOL.