Join us next Tuesday (3/21) at 10AM either in person at the Coleman Young Municipal center, or over zoom as we demand that the Detroit City Council reject the proposal to give the Ilitch family over $600 million dollars to develop the District Detroit.
BACKGROUND:
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.
This proposal has made it all the way to the Detroit City Council. This is our last chance to make public comment and stop working class Detroiters from footing the bill for more broken promises surrounding District Detroit. It's vital that we have a strong presence at this meeting!
ADDITIONAL INFORMATION:
- 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.
- Freep: $1.5B District Detroit buildout faces heavy criticism at public hearing over incentives
- Bridge Detroit: District Detroit offers ‘largest ever’ benefits deal. Some doubt the math.
- Detroit Peoples’ Platform Statement: https://www.detroitpeoplesplatform.org/economic-justice/detroit-peoples-platform-statement-on-the-dbra-district-detroit-vote/