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DDA annual report: bond refinancing, public‑space spending and long TIF captures draw council questions
Summary
Detroit Economic Growth Corporation presented FY2025 TIF reports for the Downtown Development Authority and the 8‑Mile/Woodward corridor; presenters described a 2024 bond refinancing, annual payments to stadium repair and M‑1 rail subsidies, and projected reimbursement timelines for the 8‑Mile developer.
Jennifer Canales, vice president for board administration at the Detroit Economic Growth Corporation, told the committee that the DDA’s tax‑increment financing plan captures growth above a base taxable value and that the FY2025 submission breaks captured revenue out by millage for tax year 2024.
Canales said captured revenue is spent on bond debt service and on public improvements, naming projects such as Campus Martius maintenance, holiday lighting, infrastructure preparations for the NFL draft, land assemblage and housing projects. She told members the DDA provides a $200,000…
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