DETROIT, MI (WXYZ) — Billionaire developer Dan Gilbert is asking the city of Detroit for an additional $60 million tax break for his ongoing Hudson's skyscraper project.
Gilbert began building the Hudson's project in 2017 and already got about $200 million in government incentives to build the 48-story building.
Some think the city needs this money more than Dan Gilbert, but Detroit Mayor Mike Duggan is backing the tax break for the billionaire developer.
"There has really been a lot of misinformation," Duggan said.
According to Mayor Duggan, the tax cuts directly impact the downtown development authority noting that the impact to Detroiters would be minimal.
"And it is not taking any money away from schools, libraries, neighborhoods, that money couldn't be spent there anyway," he said.
Mayor Duggan says just building the project creates 7,500 jobs and when it's finished, it will create 2,000 more and those would be permanent.
"Dan is losing money so the city can make money. That's the true story of the Hudson project."
Gilbert is investing $ 1 billion and is borrowing $400 million to finish the project in 2 years. His right-hand man says this is an investment in Detroiters.
The Hudson's project would bring offices, a hotel, restaurants, retail, and residential space to downtown Detroit.
Gilbert has done almost 100 downtown development projects over the years.
Detroit City Council today postponed the vote on the $60 million tax break for one week.
