Meijer one of many companies to buy into Book Cadillac through tax credit purchase
Meijer Inc. purchased $7.4 million
for Single Business Tax credits awarded by the state to The Ferchill Group for the redevelopment of the Book Cadillac.
Meijer Inc. purchased $7.4 million
for Single Business Tax credits awarded by the state to The Ferchill Group for the redevelopment of the Book Cadillac.
Excerpt:
“We don’t look at this as an investment,”
said Meijer spokeswoman Stacie Behler. “We view it as
more like buying a commodity.”
Meijer’s involvement isn’t driven by a desire to
revive downtown Detroit or help preserve the historic
structure.
“This was simply the purchase of tax credits,”
Behler said. “We don’t have any equity investment
in the Book-Cadillac.”
Regardless, developer John Ferchill, in a Wall Street
Journal article about the project last week, said the Meijer
tax credit sale was a key to making the project work.
Read the entire article here.
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