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.

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.

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