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For many municipalities in the United States, property taxes are the primary source of revenue. The amount of forgone tax revenue as a result of these tax-exempt land parcels is significant. The president of the city council of Baltimore, MD, recently estimated that his city loses $120 million annually from these foregone taxes. [16]
The Detroit Land Bank Authority [1] is a public authority that owns and manages approximately 100,000 parcels of property in the city of Detroit, making it the city's largest landowner. [ 2 ] Occasionally framed as a quasi-governmental entity , the Detroit Land Bank operates a number of programs to reduce the number of Detroit properties that ...
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In 2011, about half of Detroit's 305,000 property owners failed to pay their taxes, leaving approximately $246 million (~$329 million in 2023) uncollected. [ 93 ] Michigan took control of Detroit's government after the city faced a $327 million deficit and over $14 billion in debt. [ 94 ]
By KATE ROGERS Detroit made history Thursday as the largest American city in history to ever file for Chapter 9 bankruptcy protection. The once vibrant city rooted in auto manufacturing and music ...
The Detroit Economic Growth Corporation (DEGC) manages major economic development initiatives on behalf of the City of Detroit, including transforming the East Riverfront District, developing the I-94 Industrial Park, managing the Lower Woodward Improvement Program, and creating the Paradise Valley Cultural and Entertainment District.
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DTE's earliest direct corporate ancestor, the Edison Illuminating Company of Detroit, was founded in 1886. By the turn of the century, it split responsibility for commercial electric power in the fast-growing city of Detroit with the Peninsular Electric Light Company; the latter company controlled the city's electric distribution network.
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