City Council Planning & Economic Development Committee Meeting Info
Join us at 10am tomorrow to demand that the Detroit City Council reject the proposal to give the Ilitch family over $600 million to build the District Detroit.
In 2015, the Ilitch family received $400 million to develop Little Caesar's Arena and the surrounding District Detroit. After eight years of failed development, they are now requesting an additional $800 million in public subsidies from the Detroit city council. This comes at a time when 19,000 Detroit properties are facing property tax foreclosures due to the property tax moratorium expiring in March.
The Planning and Economic Development Committee is a committee on city council that is tasked with soliciting public feedback, and advancing the proposal to the floor. It is vital that we have a strong presence at this initial meeting.
Talking Points: Brownfield Authority Talking Points Doc
- The total request for public investment is $797.75 million, with $616 million in Transformational Brownfield funds.
- The District Detroit has already received nearly $500 million in public money for the construction of Little Caesars Arena and the Detroit Center for Innovation.
- Ilitch Holdings had a total combined revenue of $3.8 billion in 2018, and Ross has a net worth of $7.6 billion, according to Forbes in 2020.
- The proposed builds will require even more public money, potentially exceeding $1 billion when taking into account interest on bonds, value of public land, and bonus incentives. This is approximately Detroit's entire annual general fund.