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Council sends Exchange Detroit NEZ extension to formal with recommendation to approve
Summary
Developers asked the council for a one-time fifth-year NEZ extension for two unsold Exchange Detroit condominiums; the council moved the request to formal with a recommendation to approve after developers pledged to sell the units within the extra year.
Representatives for Exchange Detroit asked the City Council Committee of the Whole to approve a one-time, fifth-year extension of Neighborhood Enterprise Zone certificates for two remaining for-sale condominium units in the Exchange building (Greektown).
Attorney Richard Barr, representing the applicant, said the developer had sold 10 of the 12 condominiums but…
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