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Ford Motor Co. has presented the city of Detroit with a tax incentive program with a request for $ 104 million in tax relief for its Corktown campus. The company wants Detroit City Council to approve funding by mid-October so they can begin wintering work at Michigan Central Station.
According to the Detroit Economic Growth Corp, the mayor's office is expected to submit to the city council by September 19 the automaker's request for the city to reduce municipal taxes by $ 104 million over 35 years. that Ford is looking for its $ 740 million project that will create a 1.2 million square foot campus in Corktown.
Ford is hoping to get approval from the city council by October 16th to get a designation under the Michigan Obsolete Property Rehabilitation Act (OPRA) by the Oct. 31 deadline.
"We would like Ford to immediately start securing and stabilizing this building, and if they do it without these approvals, they do not have these incentives to invest," said Arthur Jemison, director of services and infrastructure for Mayor Mike Duggan's office. "We are working with the community on the Community Benefits Ordinance and we are working with the City Council to get approval for these benefits over the next few weeks and months so that they can begin the stabilization of this historic asset in early 2019. "
According to the DEGC, under state law, the project can not begin until the State Tax Commission grants the Ford Corktown property the OPRA designation.
The station, which has remained empty and open to the elements for decades, has suffered from serious structural problems that have prevented Ford from preserving and restoring the historic structure, according to the DEGC.
Ford's willingness to move ahead with the tax incentive process, just months after its purchase from the station, is testament to its commitment to the project, said Sarah Pavelko, senior director of property management at DEGC.
"It's also a reflection that the station desperately needs," she said.
Car manufacturer Dearborn has already announced plans to bring 2,500 people from its autonomous technology and electrification departments to Corktown; 2,500 additional employees will come from startups and other partner companies. Jemison said that offering tax incentives to Ford is necessary for the city to attract such an investment.
"We have some of the highest taxes in the country among cities of our size and we certainly have the highest taxes in the state of Michigan," he said. "In order for us to be competitive and attract projects like this and create jobs, that we will create 5,000, we need to use the tools in the toolbox to make sure these projects are sustainable and achievable. This is how we will generate new tax revenue. "
Currently, the station brings the city about $ 200,000 in taxes. Once the project is completed, because of the number of people who will pay income taxes, Jemison said the city would receive $ 10 million in tax revenue each year.
"We can spend that money in Detroiters and Detroit," he said.
Twitter: @Cillells_DN
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