Page 8 - Olympia Development News Today

The “Transformational Brownfield” incentives approved by the Detroit City Council for the $1.5 billion District Detroit still require approval by the state.

City Council made a series of key votes Tuesday to secure tax incentives for the $1.5 billion District Detroit development project.

The Detroit City Council approved Tuesday a District Detroit development project a week after the council delayed the vote in order to understand the proposal and ensure it will benefit all Detroiters.

After weeks of back and forth with postponed votes, the Ilitch’s Olympia Development and billionaire developer and Detroit native Steven Ross just got the first chunk of tax incentives they were looking for, more than $600 million of the $800 million they want to expand upon District Detroit.

The $1.5 billion development plan for the District Detroit is taking a leap forward after Detroit City Council approved a $616 million Brownfield Redevelopment subsidy on Tuesday.

Ilitch’s Olympia Development and billionaire Steven Ross’ Related Companies are asking for $800 million in tax incentives to make it happen.

Detroit City Council could vote on a $1.5 billion project for The District Detroit during their meeting on Tuesday, a week after members delayed the vote.

Detroit City Council narrowly approved a plan to provide more state incentives to Olympia Development for projects around Little Caesars Arena.

Votes follow lengthy discussion Tuesday with city council members asking for more clarity, stronger language for numerous items within the agreement.

After a week delay, Detroit City Council approved the $1.5 billion District Detroit development that will use nearly $800 million in public funds.