"We didn't expect to have a surplus," says Tim Johnson, director of marketing and communications for the county economic development department.
The money comes from the countywide implementation of a 2% tax on rental cars and 1% tax on hotel rooms. The surplus amount is expected over the life of the 30-year tax. "Public Act 180 allows us to use the money for other economic developmentprojects," Johnson notes.
Comerca Park and Ford Field are part of a more than $500-million development project to place two stadiums Downtown. Mike Illitch, owner of the Tigers and Little Ceasar's Pizza, financed most of Comerica Park. Wayne County contributed $80 million. Johnson said the county wants to spend the $50-million surplus on Pinnacle now, so it's pulling out a bond for the money with the two tax rate plans as the backing for the bond.
Two years ago, local strong developers, Heinz Prechter of HeritageDevelopment and Schostak Bros., both made strong proposals to earn thedevelopment rights to the Pinnacle Aeropark project. The county tried to get the two developers to come together for a joint development, but the deal didn't happen, Johnson says. Thus, the county decided to handle the selling of land and development on its own.
He said construction will begin soon on spring infrastructure upgrades for the property, on both Romulus and Huron Township property. "We're hoping to begin selling property in early summer," he says.
This park seeks to create a state-of-the-art real estate development that builds on and complements airport investment. The vision is to transform approximately 1,200 acres of underutilized, county-owned land in the airport area into a high-quality, mixed-business/technology park, with accompanying hotels, retail shopping centers, and other amenities, including a golf course.
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