As you know, representatives of the DDA and DEGC have been integrally involved in facilitating the Detroit Pistons’ relocation to Detroit. Recently we reached two important milestones in the process of gaining bond issuance approvals supporting enhancements to Little Caesars Arena for the team’s move.
The City of Detroit City Planning Commission has recommended the 2017 Proposed Plan Amendments to the DDA’s Restated Tax Increment Financing Plan and Development Plan for Development Area No. 1, which includes the Catalyst Development Project (i.e., the Little Caesars Arena and surrounding private development). Furthermore, the Michigan Strategic Fund — the entity which was responsible for issuing the 2014 bonds for the construction of the arena — approved the changes to the Catalyst Development Project set forth in the 2017 Proposed Plan Amendments.
There are more steps in this ongoing process, including opportunities for public comment. Detroit City Council has hosted public hearings to listen to comments, concerns and recommendations regarding the community impact of the Detroit Pistons’ home venue relocation to the Little Caesars Arena, and headquarters and practice facility relocation to New Center.
DEGC continues to deliver. We will keep you informed of future developments.
Downtown Detroit sealed its position as the best sports venue in the country – home of four major league sports teams within a vibrant walkable, 24-7-365 urban center – when the tentative agreement to bring the Pistons to Little Caesars Arena was announced last month. Within a few days, our city also welcomed two world-class manufacturing companies, Adient and ArcelorMittal Tailored Blanks Americas Corporation, and got a glimpse of how development might proceed on the Monroe Block.
The revitalization of a great city requires many kinds of successes, and these are excellent examples, shining a positive spotlight on the whole city. But it would mean little if they didn’t also reap economic benefits that reach far into our city.
To that end, the ten-point benefits plan that the City of Detroit Downtown Development Authority negotiated commits the Pistons to hire Detroiters and use Detroit-based contractors during construction of their practice facility, and to use reasonable efforts to hire Detroit residents to operate it. In the plan the Pistons also agree to invest in recreational facilities throughout the city, mentor young people and participate in youth development programs, among other activities.
The Adient and ArcelorMittal projects collectively inject $181.3 million in private investment and bring more than 600 jobs — including 235 new ones — to the city of Detroit. You can read more about these companies in the next article. Bedrock’s vision for how it is time to “go vertical” with new office and residential skyscrapers tells the world that Detroit has turned another corner. The formerly vacant office towers Downtown are filling up fast — and only new construction will satisfy the growing demand for prime commercial spaces in Detroit.
All of this is a “win-win” for our city and our residents as Detroit becomes a “must” market for global companies in addition to being the best sports venue in the country.