Giving Public Money to Private Developers in Grand Rapids

Giving Public Money to Private Developers in Grand Rapids
by Jeff Smith (GRIID)
MLive announced yesterday that Lofts on Wealthy LLC, a division of 616 Development, has been granted a $970,250 in tax breaks to redevelop the former Kregel book publishing site.

The tax breaks were awarded by the Michigan Strategic Fund, which is part of the Michigan Economic Development Corporation. The MEDC is a quasi state entity that claims to market the state of Michigan and attracting business development and investors.

The people who sit on the board of directors of the Michigan Strategic Fund are those who also represent the business community, such as Fifth Third Bank, Greenstone, the Michigan Farm Bureau and Truscott Rossman. There are a few state employees on the board, such as Nick A. Khouri, a former VP with DTE and Shelly Edgerton, a longtime state legislative operative. You can easily see why the Michigan Strategic Fund would want to grant major tax breaks to developers, allowing them to make even larger profits by using public funds.

The 616 Development project on Wealthy plans to include … https://griid.org/2017/03/29/giving-public-money-to-private-developers-in-grand-rapids/

Grand Rapids Institute for Information Democracy

MLive announced yesterday that Lofts on Wealthy LLC, a division of 616 Development, has been granted a $970,250 in tax breaks to redevelop the former Kregel book publishing site. 

The tax breaks were awarded by the Michigan Strategic Fund, which is part of the Michigan Economic Development Corporation. The MEDC is a quasi state entity that claims to market the state of Michigan and attracting business development and investors.

The people who sit on the board of directors of the Michigan Strategic Fund are those who also represent the business community, such as Fifth Third Bank, Greenstone, the Michigan Farm Bureau and Truscott Rossman. There are a few state employees on the board, such as Nick A. Khouri, a former VP with DTE and Shelly Edgerton, a longtime state legislative operative. You can easily see why the Michigan Strategic Fund would want to grant major tax breaks to developers, allowing them…

View original post 237 more words

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