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GRDadof3

Boom Town?

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I noticed this report in the Economic Development department's January meeting agenda.

It showed that by granting tax credits for certain items (Brownfield, Industrial facilities exemption, etc), the city received a 3.6% return on other taxes. ie city income and property taxes made up the tax credits and then some.

From 2010 - 2015: $312.5 Million in projects were provided with some kind of development incentive 

in 2016 alone: $566 Million has been approved (but not all built yet). The largest by far is the RDG-Walker project (Walkerview) valued at over $186 Million. So in one year, 2016, it's almost double the investment from the previous 5 years. 

http://www.mlive.com/business/west-michigan/index.ssf/2017/01/grand_rapids_tax_breaks_delive.html

So far in 2017, going for Brownfield approval:
)Warner Tower $60 Million

)Bridge and Stocking: $60 Million

) Lofts on Wealthy: $11.5 Million
) 637 Michigan (Third Coast): $6 Million

If you want to see the report, it starts on page 5:

http://grandrapidscitymi.iqm2.com/Citizens/FileOpen.aspx?Type=1&ID=2349&Inline=True

 

ED Report.JPG

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