District Detroit Development Plans Summary

[Richard]

It's not that kind of tax money. I'm sure that someone will correct me if I'm wrong [never been a problem before ] but isn't the money "future property tax capture", and Michigan Strategic Fund [state land gas leases, etc.]?

Sense it has never been a problem before

I want to live in a world where when you pull $100 out of your pocket it magically appears to replenish the pot.

It does not matter how creative you get in bookkeeping,at the end of the day the money has to come from somewhere,it does not just magically appear,that somewhere is someone and that someone is the taxpayers.

At any rate it has been approved although light on details of what happens if it does not come to fruition,because the argument of there is a small pot and if it is not used correctly and timely everybody suffers.

Michigan’s economic development board on Tuesday approved a nearly $615 million transformational brownfield plan for the $1.5 billion District Detroit development by Olympia Development and The Related Cos.The Michigan Strategic Fund board approved the plan that includes the following state and local property tax captures: the local and school property tax capture of $213 million, with state tax capture limited to $167 million; a maximum of $11.4 million in construction period tax capture revenues; a maximum of $38.1 million in construction period sales and use tax exemptions and a maximum of $352.3 million in income tax capture revenues and withholding tax capture revenues post-construction.

https://www.detroitnews.com/story/bu...-construction.

I think the bigger concern is not with the amount but what guarantees and protections the taxpayers have in this investment?

Because that is what you are doing,investing in your future,it is your money and you do have a right to know what performance guarantees you have and the ramifications of non performance.

If you are just giving out free money on hopes and dreams willy nilly,I am packing my trunk and coming up their to get me some.

Remember the history and do not repeat it.

Thats like telling somebody that you are giving them a free bridge,then after they agree to it coming back with - about that $3.5 billion we lent you to cover your half.

Think of the interest rate alone,I bet nobody knows what rate of interest you are paying or the terms or if they have the ability to call the entire note if you miss a payment and what happens if you do not happen to have $3.5 billion in change laying on the coffee table when they do.

The point is do not get caught up in the total figure,it’s the details that can trip you up,without some form of protection,you are just sitting ducks.

As taxpayers every financial agreement you enter into you have to have some kind of guarantee,you or I cannot just walk into a bank or buy a house without providing the lender some type of collateral or way of them to protect their interests.

This is hundreds of millions even billions of your money that is being played with.You have a right to expectations.

The city,state and county has a responsibility to be accountable to the taxpayers when it comes to non performance,there is hesitation based on past history and rightly so because it seems to be a common and re-occurring theme.

I would say if it repeats itself with this,it may be time to get mad and start firing those who say they are looking out for your best interests,people seem to forget,these people work for you,not the other way around.