Loan, Incentive, Or Giveaway? City Politicians Vote $5.5 Million For Developer [Michigan Capitol Confidential]: "A Detroit suburb has become ensnared in a lawsuit after elected officials agreed to give a group of private developers a city-owned parcel said to be worth $900,000, as well as $5.5 million to build a new office building.
...The city-owned parcel at the center of the project is currently a parking lot with space for 250 cars.
It would be sold to the developers for $1.
The $5.5 million subsidy is unusual for several reasons.
At various times, it’s been called an investment, loan or incentive on the part of the city.
But it actually involves elected Royal Oak commissioners voting to transfer $5.5 million taxpayer dollars into an escrow account for the project’s private developers, with no direct repayment provision..."
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