Rewarding Developers again: Grand Rapids gives $29 million of tax credits to new movie theater complex project

The rich get richer and the poor get poorer and working stiffs take the bus.

Grand Rapids Institute for Information Democracy

Yesterday, the Grand Rapids City Commission decided to give $29 million of public/taxpayer money as a subsidy to the new movie theater project, which will be located right behind the arena.

The $29 million is specifically for brownfield reimbursements, which will include, according to the City Commission packet for November 28

  • Baseline environmental assessment activities
  • Demolition
  • Site Preparation
  • Infrastructure Improvements
  • Brownfield Plan Amendment/Work Plan Preparation and Development
  • Prepaid Brownfield Plan Administrative Fee

Jackson Entertainment is the LLC listed for this project, but it is really a partnership between Loeks Theater Inc and 616 Development.

According to the MLive article, “the development is expected to create more than 500 jobs.” However, looking at the packet for the City Commission meeting most of the jobs are part-time and do not pay livable wages (either $11 or $12 an hour).  

The MLive article also lists the projected cost of the…

View original post 310 more words