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.