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Tax incentives OK’d for Chemical Bank building developer

June 25, 2019

DETROIT (AP) — Michigan economic development officials have announced nearly $17 million in tax incentives for a downtown Detroit building that will serve as Chemical Financial Corp.’s headquarters.

The Michigan Economic Development Corp. announced Tuesday developers will get a reimbursement through the capture of local and school taxes over 30 years. The 20-story structure will go up after demolishing a vacant office building near Grand Circus Park.

The Detroit News reports city officials are expected to vote on up to $12.7 million in tax breaks over 10 years for the project. They expect it will provide a roughly $10 million benefit to the city and $5 million to Wayne County.

Chemical Bank has said it will add roughly 500 workers to Detroit and plans to keep 500 employees in Midland, its original base.

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