LANSING, MI – Bedrock, a real estate firm owned by billionaire Dan Gilbert, is getting financing through a state bond to support large redevelopment projects in downtown Detroit that previously received a hefty tax incentive from Michigan.
The Michigan Strategic Fund approved Bedrock’s request for a $150 million private activity bond during its Tuesday, April 28 board meeting. Michigan is not giving additional state dollars to the project, rather it will issue the bond that’s funded by private investors.
Bedrock will pay back the bond debt through tax capture allowed under its 2018 Transformational Brownfield Plan, TBP, a state incentive that reimburses developers of major projects with future tax dollars generated by the development…