Next Detroit

NEXT Detroit logo The NEXT Detroit refers to the Detroit after the transformation of City government. It is the Detroit of the future. It is the Detroit that we can already begin to see at the end of the tunnel. The NEXT Detroit is the transition from the foundation that was laid through the transformation of City government. The NEXT Detroit is a City that has been repopulated due to the new industry, new investment, new entertainment, and new opportunities.

NEXT DETROIT OPPORTUNITY FUND

The continued economic recovery of the City of Detroit and the improvement of the quality of life of its residents compels the City to take action to invigorate the local economy, create jobs, provide entrepreneurship opportunities, preserve the city’s housing stock and rebuild the crumbling infrastructure throughout the city.

Thus the Next Detroit Opportunity Fund was created. The $300-million economic stimulus plan, which is expected to improve neighborhoods and create jobs, calls for the use of a small percentage of casino wagering taxes to pay off the bonds.

Earmarking $29 million a year, roughly 15% of this wagering tax, will allow the City to float a bond of $300 million to fund economic development activities and infrastructure needs. Also funded will be:

$75-Million Budget Stabilization Fund
$15-Million Entrepreneurship Loan Fund To Create Jobs
$10-Million Neighborhood Preservation Fund to address foreclosures, weatherization issues and other structural problems