Page 7 - Olympia Development News Today

The Michigan Economic Development Corp. announced Michigan Strategic Fund’s has approved funding for a wide range of projects in the state.

The Michigan Strategic Fund’s 9-1 vote came after more than two hours of public comment on the proposal and several other agenda items before the board.

Codevelopers from the Ilitch and Ross family were approved to capture up to $615M in future tax revenue for rehabbing 10 blighted sites.

The $1.5B project is only the third development to win Transformational Brownfield incentives from the Michigan Strategic Fund.

The Michigan Strategic Fund board approval supports the $1.5 billion development by Olympia Development and The Related Cos.

A study by a Portland-based advocacy group called Parking Reform finds that 30 percent of downtown Detroit is devoted to parking spaces, making it one of the cities with the most of what urban planners would describe as underutilized land in the country.

An analysis by Bridge reporter Tom Perkins finds tax incentives for District Detroit make up 64% of the project's cost.

No one is saying publicly the bank user Olympia and Related are targeting, but there has been behind-the-scenes chatter for months that Dallas-based Comerica Inc.

WATCH: Michigan Chronicle NEWS NOW!

(The Center Square) – The $1.5 billion District Detroit is advancing, fueled by about $800 million of taxpayer subsidies.