Profiles in Corporate Welfare
Gilbert’s Net Worth is $6.5 billion. (1)
Synonymous with Corporate Welfare, Dan Gilbert’s portfolio and influence in Detroit continues to grow. In late. 2017 Bedrock broke ground on the “Q-Scraper”, a high-end, high-rise on the old Hudson’s site that will benefit from tax incentives and tax capture for 30 years. Gilbert received nearly 3/4 of a billion dollars in tax subsidies for this project alone!
Ford Motor Co.
Ford’s Global Revenues in 2017 were $156.7 billion. (2)
Ford Motor Co. promotes their reputation as a socially responsible corporation. They claim they want to be a good corporate neighbor but they only agreed to invest $10 Million in community. Ford can voluntarily enter into a REAL community benefit agreement with the community at any time.
The Platform has hundreds of millions of dollars in projects in varying stages of completion. (3)
“The Platform” is a multi-site development project with locations across the city. They are also grabbing a great deal of public tax incentives to subsidize high-end housing that most Detroiters can’t afford, like their “Cass and York” project.
Public financing for LCA totaled $324.1 million. (4)
For the amount of tax incentives that went into Little Caesars Arena one would think that Olympia would improve nearby neighborhoods, but they have turned it into a large parking lot for people who don’t live in the city.
Profiles in Corporate Welfare, sources:
1. Gilbert: forbes.com/profile/daniel-gilbert/#d6dc7d571283
2. Ford: en.wikipedia.org/wiki/Ford_Motor_Company
3. Platform: crainsdetråçoit.com/article/20160521/NEWS/160529957/owners-of-fisher-kahn-buildings-look-to-develop-underserved-areas?fbclid=IwAR2bIPxhoaLdVQKAitn0NkA6sodF8Vbnzb05i9B0aLYEgfuY4WAbnQ3bkzU
4. LCA: crainsdetroit.com/article/20170523/news/629041/latest-little-caesars-arena-construction-cost-8629-million