The Warren City Council has unanimously decided to grant GM’s request for a 50 percent reduction of the new property tax revenue. The tax break would be applied for 18 years.
The approved tax certificate would apply to $419 million, and according to documents filed with the city, this would allow GM to maintain 3,860 jobs while also creating 2,600 new positions. However, GM has not decided on a timetable to proceed with the project — which is the expectation, but the trigger has yet to be pulled.
For those interested in seeing what the expenditures are, take a look for yourself:
“Almost three-fourths – or $300 million – of construction activity eligible for tax relief would be completed by 2017. These projects include:
• $180 million for a new design studio and parking deck.
• $60 million in renovations to research and development building.
• $31 million in additions and renovations to the Pre-Production Operation building.
• $20 million in lab renovations and additions to the Advanced Engineering Center.”
In addition to this, a building valued at $64 million will be built between the years 2018 and 2020. Meanwhile, General Motors has officially announced a $139.5 million investment for a new body shop and stamping facility upgrades at the Warren Pre-Production Operations facility.
This is most of the information we have available, but if you’d like to find out more see this article by The Macomb Daily.