Quote Originally Posted by daniel_duggan View Post
Glad to help out.
.....when it's all said and done, the tax breaks WILL pay for all these deals. By my tally, there's $15M for the Dime, $16M for the Chase, $8M for the First National and $1.4M for the Madison Theatre [[all that's confirmed by CoStar as well). So, that puts him at $40.4 million, with another $7ish to go. But he's going to need to pour a lot of money into some of these buildings to get them up to the standards that Class A tenants demand.
And if anyone has seen his build-out in the Compuware Building, it's not cheap to get a building to the condition that Dan Gilbert wants, so I wouldn't be surprised if he still hits that $240 million figure without doing a new construction HQ.

Wow. Your comment, “…the tax breaks WILL pay for all these deals” sums it up rather well.

In other words this building and renovation spree is free to Gilbert. He will not have any of his own money at risk – only OPM or Other Peoples Money.



Dan you said, “At the time [[2009), he said he's investing $240 million [[I think that's where the 200+ number came from)."

Actually, my source for the $200 million was an article from the Detroit News in November 14, 2007 [[3.5 years ago – time flies when you’re having fun) by Louis Aguilar:http://detnews.com/article/20071114/BIZ/711140386/City-pegs-growth-on-Quicken#ixzz1Q2Yvk0Q7

That article cited: Quicken will get local and state tax breaks of:
1. $115 million over 20 years because it will be located in a Renaissance Zone.
2. $45 million Michigan Economic Growth Act tax credit.
3. $40 million from the City of Detroit to subsidize parking, just as it does for offices of Electronic Data Systems in the RenaissanceCenter.

Now, three and one-half years ago is a long time and the subsidies may have gone through several changes, but I believe your comment that the TAX BREAKS will pay for ALL these deals.

Dan I appreciate you looking into this at my request and for explaining to the folks on this forum. Again, thank you.