Dan Gilbert now wants $618M in state taxpayer money for his Detroit projects

[TexasTowelie]

On Nov. 21, Metro Times and other outlets reported that Dan Gilbert requested $250 million in Michigan taxpayer funds to help pay for four projects he's planning in downtown Detroit.

It turns out that's only part of the story — Gilbert really wants $618 million. That means Michigan taxpayers will cover nearly 30 percent of the four projects' costs, which are estimated to total $2.1 billion. And the law allows him to come back for more money for different projects next year.

Though all the tax money will come from the state, the Detroit City Council had to approve $250 million for Bedrock, Gilbert's development company, on Nov. 21. That figure appeared to be the full amount requested. But Michigan Economic Development Corporation documents provided to Metro Times on Friday show that Bedrock is really seeking $618 million from the state.

t now only needs a final approval from the MEDC in March.

Gilbert — who is Michigan's second wealthiest resident and worth an estimated $5.8 billion — says that he can't do the projects without taxpayer funds, but the documents raise questions about that. They show that two of the projects are in progress or will be underway long before March.

Read more: https://www.metrotimes.com/news-hits/archives/2017/12/04/dan-gilbert-now-wants-618m-in-state-taxpayer-money-for-his-detroit-projects

[Cicada]

1. hard to know if this is a good idea or not

Gilbert definitely has done a lot to bring Detroit back from the dead by deciding to put his quicken loans headquarters in downtown Detroit.

But he has already made a killing in the appreciation of his holdings there. Will he really fail to act without so much government support? Since he already has made so much money with just his own investments?

I hope someone smart and savvy can give good advice to the state about this.