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Council committee advances tax-abatement request for 25 Cadillac Square Cosm entertainment venue
Summary
A Detroit City Council Committee of the Whole on May 20 advanced a request from Monroe 1 Phase LLC for a commercial rehabilitation exemption certificate under Public Act 210 of 2005 to allow construction of a 70,000-square-foot Cosm entertainment venue at 25 Cadillac Square.
A Detroit City Council Committee of the Whole on May 20 advanced a request from Monroe 1 Phase LLC for a commercial rehabilitation exemption certificate under Public Act 210 of 2005 to allow construction of a 70,000-square-foot Cosm entertainment venue at 25 Cadillac Square.
The certificate would abate part of the property tax increases that the city says will follow a developer investment. City and developer representatives told the committee the project would create hundreds of construction jobs, about 125 tenant jobs, and deliver community benefits including a $1 million contribution to the city’s Affordable Housing Trust Fund.
Casey Jackson, Detroit Economic Growth Corporation, said “the developer currently pays about $121,000 in annual property tax” and that after an…
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