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Profiles in Corporate Welfare

Profiles in Corporate Welfare
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Bedrock/Gilbert

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

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.

Olympia/Ilitch

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   

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