Tax incentives OK’d for Chemical Bank building developer
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.