The Math Behind Why Detroit Needs Growth

The Math Behind Why Detroit Needs Growth

0:00

/831

1×

Host Jer Staes sits down with civic financial expert Steve Watson of Watson & Yates to break down the complex financial structures behind Detroit's latest development proposals and budget updates.

They explore the proposed $2.2 billion Renaissance Center redevelopment, detailing how the requested $548 million in public incentives is structured to protect local tax bases while drawing support from state revenues.

The conversation also covers Detroit's recent revenue estimating conference, which projected an additional $50 million in revenue driven by strong income tax collections. Watson explains why this increase is not a blank check for new spending, but rather a crucial buffer to sustain existing social services and prepare for upcoming labor negotiations with police and firefighter unions.

Ultimately, the episode highlights the mathematical necessity of economic growth for Detroit. With only about one-third of Detroiters currently earning a living wage, Watson emphasizes that inclusive growth—expanding jobs, wages, and the tax base—is the only sustainable way to fund the public services residents rely on.

Key takeaways

• The proposed $548 million in public incentives for the Renaissance Center is performance-based and funded primarily through state-level tax reimbursements rather than direct city checks.
• Bedrock's proposed payment-in-lieu-of-taxes (PILOT) agreement is a novel approach to voluntarily reimburse the city and county for foregone property tax revenues.
• Detroit's property tax rate remains among the highest in the nation for major cities, making tax incentive structures crucial for new construction viability.
• A recent $50 million revenue estimate increase will help Detroit sustain critical social programs and navigate upcoming public safety union contract negotiations.
• True progress in Detroit requires inclusive economic growth, as currently only about one-third of residents earn a living wage.

Highlights

• 0:48 — Breaking down the $548 million RenSen incentive package
• 1:54 — How the Renaissance Zone and DDA structures protect local schools
• 4:20 — Explaining the role of PILOT agreements in high-tax environments
• 6:54 — Analyzing Detroit's unexpected $50 million revenue increase
• 8:58 — How the city budget will address upcoming labor negotiations
• 12:26 — The stark reality of Detroit's living wage statistics

00:00:00 Introduction to Detroit's Financial Landscape
00:00:48 The Renaissance Center Redevelopment Project
00:01:54 How Public Incentives and Tax Captures Work
00:04:20 Understanding Payments in Lieu of Taxes
00:06:54 Detroit's Updated Revenue Estimates and Budget
00:08:25 Managing Rising Costs and Labor Negotiations
00:11:08 The Economic Math Behind Inclusive Growth

WEBVTT

00:00:00.808 --> 00:00:02.989
Daily<00:00:01.071> Detroit<00:00:01.464> is<00:00:01.612> brought<00:00:01.858> to<00:00:02.022> you<00:00:02.284> by<00:00:02.448> the<00:00:02.530> community.

00:00:03.432 --> 00:00:04.810
Support<00:00:03.760> our<00:00:03.908> work<00:00:04.006> at<00:00:04.039> patreon.com/dailydetroit.

00:00:07.392 --> 00:00:16.009
Hello<00:00:10.781> friends,<00:00:12.395> and<00:00:12.943> welcome<00:00:14.735> to<00:00:14.960> your<00:00:15.380> Daily<00:00:15.703> Detroit.

00:00:16.090 --> 00:00:17.155
Welcome<00:00:16.348> back<00:00:16.671> to<00:00:16.720> the<00:00:16.913> week.

00:00:17.220 --> 00:00:21.221
This<00:00:17.397> is<00:00:17.542> your<00:00:17.655> show<00:00:17.978> for<00:00:18.785> Monday,<00:00:19.349> September<00:00:19.882> 28th,<00:00:20.543> 2026.

00:00:21.656 --> 00:00:29.668
I<00:00:21.753> am<00:00:21.914> Jarrett<00:00:22.173> Stase<00:00:22.544> coming<00:00:22.882> to<00:00:23.028> you<00:00:23.124> from<00:00:23.350> our<00:00:23.447> studio<00:00:23.931> at<00:00:24.012> TechTowne,<00:00:25.125> and<00:00:25.286> across<00:00:26.093> the<00:00:26.190> table<00:00:26.432> from<00:00:26.759> me,<00:00:26.906> we're<00:00:27.037> gonna<00:00:27.168> be<00:00:27.249> talking<00:00:27.494> about<00:00:27.756> money<00:00:28.377> on<00:00:28.540> a<00:00:28.557> Monday<00:00:29.210> morning.

00:00:30.298 --> 00:00:32.675
Steve<00:00:30.587> Watson,<00:00:31.711> Watson<00:00:32.065> and<00:00:32.209> Yates.

00:00:33.156 --> 00:00:37.283
We've<00:00:33.317> got<00:00:33.429> a<00:00:33.494> lot<00:00:33.718> to<00:00:33.799> talk<00:00:33.991> about<00:00:34.216> with<00:00:34.361> the<00:00:34.441> city<00:00:34.859> and<00:00:34.939> that<00:00:35.180> major<00:00:35.565> RenSen<00:00:35.983> project,<00:00:36.400> a<00:00:36.545> bunch<00:00:36.882> of<00:00:36.930> other<00:00:37.107> things.

00:00:37.331 --> 00:00:38.150
Welcome<00:00:37.588> back<00:00:37.813> to<00:00:37.893> the<00:00:37.974> show.

00:00:38.712 --> 00:00:39.515
Thank<00:00:38.873> you<00:00:38.905> for<00:00:39.017> having<00:00:39.258> me,<00:00:39.355> Jer.

00:00:39.901 --> 00:00:40.848
I<00:00:39.997> am<00:00:40.158> so<00:00:40.318> glad<00:00:40.495> to<00:00:40.575> see<00:00:40.784> you.

00:00:40.896 --> 00:00:48.556
So,<00:00:41.265> uh,<00:00:41.522> I<00:00:41.603> got<00:00:41.763> a<00:00:41.779> note<00:00:41.988> from<00:00:42.165> you<00:00:42.807> that,<00:00:43.208> uh,<00:00:44.076> you<00:00:44.156> heard<00:00:44.284> our<00:00:44.477> episode<00:00:45.617> about<00:00:46.099> General<00:00:46.372> Motors,<00:00:46.982> Bedrock,<00:00:47.705> and<00:00:47.849> the<00:00:47.945> RenSen.

00:00:48.652 --> 00:00:49.583
Why<00:00:48.700> don't<00:00:48.893> we<00:00:48.989> start<00:00:49.455> there?

00:00:49.728 --> 00:01:02.896
Because<00:00:50.418> you<00:00:51.462> are<00:00:51.623> a<00:00:51.896> financial<00:00:52.425> professional<00:00:53.405> in<00:00:53.485> the<00:00:53.662> civic<00:00:54.144> space,<00:00:54.930> and<00:00:55.075> so<00:00:55.557> you<00:00:55.990> have<00:00:56.231> the<00:00:56.376> ability<00:00:56.857> to<00:00:56.938> kind<00:00:57.178> of<00:00:57.323> look<00:00:57.500> at<00:00:57.644> these<00:00:57.901> things<00:00:58.142> in<00:00:58.238> a<00:00:58.302> way<00:00:58.608> that,<00:00:58.929> uh,<00:00:59.426> lay<00:00:59.667> people<00:00:59.988> such<00:01:00.229> as<00:01:00.390> me<00:01:00.872> My<00:01:01.097> brains<00:01:01.434> are<00:01:01.514> too<00:01:01.675> feeble<00:01:02.157> to<00:01:02.318> do<00:01:02.542> that.

00:01:03.378 --> 00:01:04.438
So<00:01:03.747> help<00:01:03.908> me<00:01:04.069> out<00:01:04.245> here.

00:01:05.354 --> 00:01:10.431
Were<00:01:05.515> they<00:01:05.675> telling<00:01:05.997> us<00:01:06.720> the<00:01:06.816> truth<00:01:07.282> on<00:01:07.378> that<00:01:07.523> episode<00:01:07.941> about<00:01:08.165> how<00:01:08.262> this<00:01:08.487> thing<00:01:08.663> is—<00:01:08.985> the<00:01:09.065> finances<00:01:09.868> are<00:01:09.933> coming<00:01:10.109> together?

00:01:11.154 --> 00:01:12.857
Yeah,<00:01:11.298> it<00:01:11.363> was<00:01:11.475> an<00:01:11.555> excellent<00:01:11.877> episode<00:01:12.278> last<00:01:12.600> week.

00:01:12.905 --> 00:01:14.158
Really<00:01:13.082> enjoyed<00:01:13.403> listening<00:01:13.804> to<00:01:14.029> it.

00:01:14.206 --> 00:01:20.375
And<00:01:14.351> yeah,<00:01:14.592> I<00:01:14.608> mean,<00:01:14.752> they<00:01:14.929> covered<00:01:15.572> all<00:01:15.652> the<00:01:15.732> key<00:01:15.957> points<00:01:16.439> on<00:01:16.520> the<00:01:16.616> public<00:01:16.921> financing<00:01:17.500> bit,<00:01:18.046> but<00:01:18.126> I<00:01:18.142> think<00:01:18.287> there's<00:01:18.415> some<00:01:18.528> additional<00:01:18.881> nuances<00:01:19.427> that<00:01:19.604> are<00:01:19.733> important<00:01:20.118> to<00:01:20.150> cover.

00:01:20.697 --> 00:01:21.645
Yeah,<00:01:20.857> let's<00:01:21.034> talk<00:01:21.291> about<00:01:21.596> it.

00:01:21.821 --> 00:01:27.171
So<00:01:21.934> in<00:01:22.078> total,<00:01:22.544> as<00:01:22.641> they<00:01:22.737> mentioned,<00:01:23.444> the<00:01:23.765> total<00:01:24.231> requested<00:01:24.809> public<00:01:25.115> incentives<00:01:25.677> are<00:01:25.757> $548<00:01:26.737> million.

00:01:27.862 --> 00:01:29.640
As<00:01:27.942> they<00:01:28.038> said,<00:01:28.439> they're<00:01:28.647> performance-based.

00:01:29.688 --> 00:01:31.884
You<00:01:29.721> know,<00:01:30.025> it's<00:01:30.185> not<00:01:30.490> all<00:01:30.666> one<00:01:30.826> big<00:01:31.067> check<00:01:31.387> upfront.

00:01:31.948 --> 00:01:41.739
They<00:01:32.028> have<00:01:32.172> to<00:01:32.252> actually<00:01:32.749> make<00:01:32.990> the<00:01:33.150> investment,<00:01:33.631> the<00:01:33.775> $2.24<00:01:34.512> billion<00:01:35.153> investment,<00:01:35.714> in<00:01:35.794> order<00:01:36.034> to<00:01:36.178> generate<00:01:36.916> the<00:01:36.980> new<00:01:37.156> tax<00:01:37.557> revenues<00:01:38.518> that<00:01:38.758> would<00:01:38.919> go<00:01:39.079> back<00:01:39.335> to<00:01:39.415> the<00:01:39.544> developer<00:01:39.944> to<00:01:40.024> help<00:01:40.265> cover<00:01:40.521> the<00:01:40.601> cost<00:01:41.082> of<00:01:41.226> the<00:01:41.306> project.

00:01:42.588 --> 00:01:47.460
And,<00:01:42.909> uh,<00:01:43.149> on<00:01:43.245> your<00:01:43.406> post<00:01:43.870> on<00:01:43.950> your<00:01:44.063> Substack,<00:01:44.607> The<00:01:44.688> Balance<00:01:45.008> Sheet,<00:01:45.232> which<00:01:45.393> I<00:01:45.473> encourage<00:01:45.825> people<00:01:46.034> to<00:01:46.114> follow,<00:01:46.450> it's<00:01:46.851> very<00:01:47.235> good.

00:01:48.197 --> 00:01:53.453
You<00:01:48.357> walk<00:01:48.630> through<00:01:49.431> some<00:01:49.671> of<00:01:49.751> the<00:01:49.896> reasons<00:01:50.681> why<00:01:50.953> and<00:01:51.097> how<00:01:51.338> this<00:01:51.562> works,<00:01:51.883> and<00:01:51.979> I<00:01:52.059> think<00:01:52.315> it's<00:01:52.620> really<00:01:53.020> interesting.

00:01:54.046 --> 00:02:00.310
Yeah,<00:01:54.222> I<00:01:54.382> think<00:01:54.623> one<00:01:54.783> point<00:01:55.007> that<00:01:55.167> might<00:01:55.343> get<00:01:55.744> lost<00:01:56.145> in<00:01:56.369> all<00:01:56.465> of<00:01:56.545> the<00:01:56.625> technical<00:01:57.026> discussion<00:01:57.650> is<00:01:58.932> where<00:01:59.333> this<00:01:59.493> money<00:01:59.685> is<00:01:59.829> coming<00:02:00.070> from.

00:02:00.550 --> 00:02:11.252
So<00:02:00.774> it's<00:02:00.951> coming<00:02:01.271> from<00:02:02.072> state<00:02:02.473> tax<00:02:02.793> revenues,<00:02:03.418> so<00:02:03.514> from<00:02:03.674> Lansing,<00:02:04.299> not<00:02:04.491> from<00:02:04.796> Detroit<00:02:05.116> tax<00:02:05.436> revenues,<00:02:06.462> and<00:02:06.542> it's<00:02:06.702> coming<00:02:06.974> from<00:02:07.599> an<00:02:07.679> exemption<00:02:08.544> of,<00:02:08.945> of<00:02:09.105> local<00:02:09.362> property<00:02:09.682> taxes<00:02:10.066> through<00:02:10.227> a<00:02:10.307> Renaissance<00:02:10.819> Zone.

00:02:11.925 --> 00:02:21.745
But<00:02:12.085> the<00:02:12.229> way<00:02:12.486> that<00:02:12.806> works<00:02:13.511> is<00:02:13.671> that<00:02:13.911> the<00:02:13.943> state,<00:02:14.568> under<00:02:14.809> state<00:02:15.193> law,<00:02:15.513> is<00:02:15.674> required<00:02:16.154> to<00:02:16.331> reimburse<00:02:16.955> the<00:02:17.035> schools,<00:02:18.157> the<00:02:18.253> library,<00:02:19.374> for<00:02:20.031> foregone<00:02:20.560> revenue<00:02:20.896> in<00:02:20.976> a<00:02:20.993> Renaissance<00:02:21.473> Zone.

00:02:21.874 --> 00:02:27.691
So<00:02:22.178> that's<00:02:22.418> again<00:02:22.675> another<00:02:22.963> example<00:02:23.364> where<00:02:23.444> money<00:02:23.780> from<00:02:24.020> Lansing<00:02:24.870> will<00:02:24.982> come<00:02:25.222> back<00:02:25.447> into<00:02:25.687> Detroit<00:02:26.601> for<00:02:26.777> this<00:02:26.905> downtown<00:02:27.306> development.

00:02:28.172 --> 00:02:31.121
Well,<00:02:28.236> that's<00:02:28.492> one<00:02:28.588> of<00:02:28.653> the<00:02:28.749> things<00:02:29.134> when<00:02:29.214> I<00:02:29.310> talk<00:02:29.550> to<00:02:29.646> listeners<00:02:30.175> is<00:02:30.576> a<00:02:30.656> really<00:02:30.833> big<00:02:31.057> thing.

00:02:31.618 --> 00:02:36.876
There<00:02:31.778> is<00:02:31.955> a<00:02:32.099> worry<00:02:32.917> that,<00:02:33.542> okay,<00:02:33.959> the<00:02:34.119> city<00:02:34.456> is<00:02:34.600> writing<00:02:34.904> a<00:02:34.936> check,<00:02:35.642> the<00:02:35.722> city<00:02:35.962> is<00:02:36.107> going<00:02:36.171> to<00:02:36.283> take<00:02:36.604> a<00:02:36.684> loss.

00:02:36.924 --> 00:02:40.098
There's<00:02:37.149> been<00:02:37.261> a<00:02:37.485> lot<00:02:37.790> of<00:02:38.511> issues<00:02:38.768> around<00:02:39.168> like<00:02:39.393> tax<00:02:39.810> capture.

00:02:40.146 --> 00:02:42.406
I<00:02:40.210> know<00:02:40.307> there's<00:02:40.595> some<00:02:40.771> changes<00:02:41.332> with<00:02:41.493> this<00:02:42.118> project.

00:02:42.455 --> 00:02:49.476
They're<00:02:42.567> a<00:02:42.599> little<00:02:42.775> bit<00:02:42.855> different<00:02:43.176> than<00:02:43.336> the<00:02:43.416> past<00:02:44.362> where<00:02:44.458> people<00:02:44.779> feel<00:02:45.003> like<00:02:45.244> the<00:02:45.340> libraries<00:02:46.045> aren't<00:02:46.222> made<00:02:46.446> whole<00:02:46.943> or<00:02:47.504> the<00:02:47.584> schools<00:02:48.065> aren't<00:02:48.241> made<00:02:48.530> whole,<00:02:48.786> things<00:02:49.043> like<00:02:49.251> that.

00:02:49.909 --> 00:02:54.493
Yeah,<00:02:50.069> so<00:02:50.373> this<00:02:50.534> project<00:02:50.951> is<00:02:51.335> entirely<00:02:51.976> within<00:02:52.778> the<00:02:52.858> Downtown<00:02:53.275> Development<00:02:53.612> Authority,<00:02:54.060> the<00:02:54.157> DDA.

00:02:54.798 --> 00:02:57.282
You<00:02:54.878> know,<00:02:54.958> we've<00:02:55.102> heard<00:02:55.263> a<00:02:55.279> lot<00:02:55.503> about<00:02:55.760> that<00:02:56.000> over,<00:02:56.401> over<00:02:56.545> several<00:02:56.770> couple<00:02:56.866> years<00:02:57.026> now.

00:02:57.523 --> 00:03:07.683
The<00:02:57.603> way<00:02:57.747> a<00:02:57.763> DDA<00:02:58.228> works<00:02:58.709> is<00:02:59.286> it<00:02:59.446> captures<00:03:00.311> the<00:03:00.407> growth<00:03:00.808> in<00:03:00.952> property<00:03:01.209> tax<00:03:01.529> values<00:03:02.010> within<00:03:02.330> the<00:03:02.427> downtown<00:03:02.891> district,<00:03:03.773> and<00:03:03.933> that<00:03:04.237> is<00:03:04.334> required<00:03:04.734> by<00:03:04.895> law<00:03:05.375> to<00:03:05.471> be<00:03:05.616> reinvested<00:03:06.257> in<00:03:06.417> downtown<00:03:06.818> economic<00:03:07.218> development.

00:03:07.779 --> 00:03:15.952
The<00:03:07.859> properties<00:03:08.324> here<00:03:08.500> are<00:03:08.580> currently<00:03:09.205> in<00:03:09.302> that<00:03:09.462> district,<00:03:09.895> so<00:03:10.103> right<00:03:10.343> now<00:03:11.064> the<00:03:11.209> growth<00:03:11.449> in<00:03:11.545> property<00:03:11.850> tax<00:03:12.090> revenues<00:03:12.507> currently<00:03:12.907> don't<00:03:13.212> go<00:03:13.709> to<00:03:13.789> the<00:03:13.885> schools<00:03:14.590> or<00:03:14.670> to<00:03:14.830> the<00:03:14.911> city<00:03:15.472> government.

00:03:16.353 --> 00:03:27.587
Uniquely<00:03:16.914> under<00:03:17.090> this<00:03:17.298> arrangement,<00:03:17.795> because<00:03:18.500> of<00:03:18.580> the<00:03:18.661> Renaissance<00:03:19.173> Zone<00:03:19.718> designation<00:03:20.359> they're<00:03:20.455> requesting,<00:03:21.802> the<00:03:21.882> state<00:03:22.347> would<00:03:22.603> have<00:03:22.923> to<00:03:23.084> instead<00:03:23.709> reimburse<00:03:24.286> the<00:03:24.366> schools<00:03:25.167> and<00:03:25.391> the<00:03:25.472> library<00:03:25.904> for<00:03:26.129> their<00:03:26.209> foregone<00:03:26.593> property<00:03:26.914> taxes.

00:03:28.052 --> 00:03:36.366
That's<00:03:28.293> basically<00:03:28.758> taking<00:03:29.175> downtown<00:03:29.817> value<00:03:30.540> and<00:03:30.636> spreading<00:03:31.166> it<00:03:31.326> throughout<00:03:31.647> the<00:03:31.695> neighborhoods<00:03:32.450> in<00:03:32.530> a<00:03:32.626> way<00:03:32.931> that<00:03:33.284> is<00:03:33.445> not<00:03:33.750> currently<00:03:34.312> permitted<00:03:35.034> the<00:03:35.114> way<00:03:35.275> the<00:03:35.355> downtown<00:03:35.740> is<00:03:35.836> structured.

00:03:36.639 --> 00:03:51.453
And<00:03:36.719> then<00:03:36.864> on<00:03:37.024> top<00:03:37.361> of<00:03:37.506> that,<00:03:38.148> completely<00:03:38.645> voluntarily,<00:03:39.849> Bedrock<00:03:40.250> is<00:03:40.330> proposing<00:03:41.037> to<00:03:41.149> set<00:03:41.390> up<00:03:41.518> a<00:03:41.695> payment<00:03:42.000> in<00:03:42.080> lieu<00:03:42.192> of<00:03:42.337> taxes<00:03:42.754> agreement<00:03:43.139> with<00:03:43.300> the<00:03:43.444> city<00:03:43.942> and<00:03:44.022> the<00:03:44.166> county,<00:03:44.969> whom<00:03:45.146> the<00:03:45.210> state<00:03:45.707> isn't<00:03:45.932> required<00:03:46.349> to<00:03:46.430> reimburse<00:03:46.831> for<00:03:46.975> this<00:03:47.136> property<00:03:47.393> tax<00:03:47.633> revenue<00:03:47.938> loss,<00:03:48.340> and<00:03:48.596> Bedrock<00:03:49.062> will<00:03:49.704> reimburse<00:03:50.346> them<00:03:50.683> themselves.

00:03:51.887 --> 00:03:53.219
Obviously,<00:03:52.192> the<00:03:52.288> devil's<00:03:52.529> in<00:03:52.593> the<00:03:52.689> details.

00:03:53.315 --> 00:03:58.179
And<00:03:53.476> before<00:03:53.733> the<00:03:53.813> city<00:03:54.214> and<00:03:54.358> the<00:03:54.439> county<00:03:54.712> sign<00:03:55.001> off<00:03:55.241> on<00:03:55.338> any<00:03:55.514> of<00:03:55.659> that,<00:03:55.964> they<00:03:56.156> should<00:03:56.590> review<00:03:56.846> those<00:03:57.023> agreements,<00:03:57.505> make<00:03:57.665> sure<00:03:57.826> they're<00:03:57.987> fair.

00:03:58.468 --> 00:04:10.400
But<00:03:58.854> this<00:03:59.095> is<00:03:59.432> a<00:03:59.448> novel<00:04:00.299> thing<00:04:00.540> here<00:04:00.716> in<00:04:00.797> Detroit<00:04:01.134> that<00:04:01.262> hasn't<00:04:01.503> happened<00:04:01.760> before,<00:04:02.146> where<00:04:02.387> the<00:04:02.483> developer<00:04:03.350> is<00:04:03.446> asking<00:04:03.768> for<00:04:03.848> a<00:04:03.928> property<00:04:04.249> tax<00:04:04.571> exemption,<00:04:05.534> but<00:04:05.679> actually<00:04:06.016> willing<00:04:06.417> to<00:04:07.060> cut<00:04:07.236> a<00:04:07.300> check<00:04:07.702> back<00:04:08.184> to<00:04:08.280> the<00:04:08.408> city<00:04:08.665> and<00:04:08.746> county<00:04:09.131> for<00:04:09.629> their<00:04:09.854> lost<00:04:10.095> revenues.

00:04:10.753 --> 00:04:20.613
Now,<00:04:11.058> I've<00:04:11.138> heard<00:04:11.315> of<00:04:11.395> the<00:04:11.556> Pilot<00:04:11.957> program<00:04:12.359> before<00:04:12.760> though,<00:04:12.905> with<00:04:13.001> other<00:04:13.178> developers,<00:04:13.708> and<00:04:13.949> I've<00:04:14.109> talked<00:04:14.511> on<00:04:14.607> background<00:04:15.169> to<00:04:15.346> a<00:04:15.410> few<00:04:16.213> who<00:04:16.357> have<00:04:16.470> said<00:04:16.695> that<00:04:16.855> basically<00:04:17.658> without<00:04:18.043> Pilot,<00:04:18.445> they<00:04:18.606> couldn't<00:04:18.814> have<00:04:18.927> made<00:04:19.601> some<00:04:19.746> of<00:04:19.778> their<00:04:19.906> projects<00:04:20.452> work.

00:04:20.709 --> 00:04:23.070
Can<00:04:20.854> we<00:04:21.030> kind<00:04:21.255> of<00:04:21.769> explain<00:04:22.235> how<00:04:22.460> that<00:04:22.716> works?

00:04:23.118 --> 00:04:24.178
The<00:04:23.198> payment<00:04:23.519> in<00:04:23.664> lieu<00:04:23.760> of<00:04:23.857> tax?

00:04:24.242 --> 00:04:24.563
Yeah.

00:04:24.676 --> 00:04:33.664
So,<00:04:24.820> I<00:04:24.884> mean,<00:04:25.511> as<00:04:25.607> the<00:04:25.687> name<00:04:26.024> suggests,<00:04:26.988> It's<00:04:27.357> an<00:04:27.453> instance<00:04:27.774> where<00:04:28.240> a<00:04:28.480> property<00:04:28.801> owner<00:04:28.994> is<00:04:29.138> going<00:04:29.315> to<00:04:29.427> make<00:04:29.636> a<00:04:29.700> payment<00:04:30.182> to<00:04:30.342> a<00:04:30.406> governmental<00:04:30.904> entity<00:04:31.787> in<00:04:32.027> lieu<00:04:32.412> of<00:04:32.653> the<00:04:32.717> normal<00:04:33.054> property<00:04:33.311> tax<00:04:33.552> bill.

00:04:33.712 --> 00:04:35.831
So<00:04:33.937> usually,<00:04:34.258> of<00:04:34.354> course,<00:04:34.579> that<00:04:34.740> means<00:04:35.061> a<00:04:35.301> lower<00:04:35.719> bill.

00:04:36.425 --> 00:04:43.920
And<00:04:36.521> to<00:04:36.585> your<00:04:36.762> point,<00:04:37.404> sometimes<00:04:37.885> to<00:04:37.965> make<00:04:38.367> the,<00:04:38.848> the<00:04:38.993> economics<00:04:39.474> work<00:04:39.651> on<00:04:39.731> a<00:04:39.811> project,<00:04:40.614> that<00:04:40.999> really<00:04:41.175> high<00:04:41.416> property<00:04:41.737> tax<00:04:42.042> rate<00:04:42.154> in<00:04:42.218> Detroit<00:04:42.796> is<00:04:42.941> what<00:04:43.101> stands<00:04:43.502> in<00:04:43.583> the<00:04:43.663> way.

00:04:44.305 --> 00:04:49.087
And<00:04:44.449> usually<00:04:44.947> when<00:04:45.412> you're<00:04:45.573> looking<00:04:45.813> at<00:04:45.974> new<00:04:46.134> construction,<00:04:47.113> it's<00:04:47.338> often<00:04:48.060> completely<00:04:48.397> cost<00:04:48.638> prohibitive.

00:04:49.601 --> 00:04:54.545
So<00:04:49.762> for<00:04:49.906> context,<00:04:50.965> where<00:04:51.206> does<00:04:51.447> Detroit's<00:04:51.928> property<00:04:52.249> tax<00:04:52.634> rate<00:04:53.052> sit<00:04:53.437> compared<00:04:53.774> to<00:04:53.839> the<00:04:53.919> rest<00:04:54.063> of<00:04:54.095> the<00:04:54.176> country?

00:04:54.963 --> 00:04:59.283
It's<00:04:55.139> among<00:04:55.380> the<00:04:55.461> highest<00:04:56.023> in<00:04:56.167> the<00:04:56.247> country<00:04:56.826> of<00:04:56.922> major<00:04:57.227> cities,<00:04:57.693> and,<00:04:57.869> and<00:04:57.966> certainly<00:04:58.287> among<00:04:58.512> the<00:04:58.576> highest<00:04:58.913> in<00:04:58.978> Michigan.

00:04:59.652 --> 00:05:02.446
So<00:04:59.813> it's<00:05:00.021> up<00:05:00.182> there<00:05:00.359> with<00:05:00.664> the,<00:05:00.985> the<00:05:01.017> New<00:05:01.242> Yorks<00:05:01.643> and<00:05:01.724> things<00:05:01.997> like<00:05:02.189> that?

00:05:02.607 --> 00:05:02.719
Yes.

00:05:03.233 --> 00:05:03.330
Wow.

00:05:03.635 --> 00:05:11.697
I<00:05:03.715> think<00:05:03.876> that's<00:05:04.036> one<00:05:04.277> thing<00:05:04.534> that<00:05:04.775> people<00:05:05.096> sometimes<00:05:05.562> forget<00:05:05.835> when<00:05:05.979> they<00:05:06.204> get<00:05:06.365> into<00:05:06.558> these<00:05:06.863> projects,<00:05:07.650> is<00:05:07.746> that<00:05:08.453> all<00:05:08.629> of<00:05:08.774> this<00:05:08.950> stuff,<00:05:09.416> all<00:05:09.512> this<00:05:09.753> math,<00:05:10.075> has<00:05:10.380> to<00:05:10.540> work<00:05:10.733> for<00:05:10.958> every<00:05:11.279> project.

00:05:11.825 --> 00:05:19.967
Even<00:05:12.002> if<00:05:12.098> somebody<00:05:13.046> makes<00:05:13.286> a<00:05:13.351> lot<00:05:13.463> of<00:05:13.527> money,<00:05:13.913> let's<00:05:14.073> say<00:05:14.170> they're<00:05:14.394> wealthy<00:05:14.732> themselves,<00:05:15.856> every<00:05:16.177> project<00:05:16.900> has<00:05:17.141> to<00:05:17.237> stand<00:05:17.687> on<00:05:17.799> its<00:05:18.168> own<00:05:18.891> and<00:05:18.987> make<00:05:19.244> sense,<00:05:19.694> right?

00:05:20.256 --> 00:05:38.309
Right,<00:05:20.513> and<00:05:21.059> at<00:05:21.156> least<00:05:21.702> in<00:05:21.798> this<00:05:22.184> particular<00:05:22.521> example,<00:05:23.244> between<00:05:23.501> the<00:05:23.581> transformational<00:05:24.191> brownfield<00:05:24.609> plan<00:05:24.946> and<00:05:25.010> the<00:05:25.091> Renaissance<00:05:25.573> Zone,<00:05:26.520> Bedrock<00:05:26.857> and<00:05:27.002> GM<00:05:27.243> have<00:05:27.404> created<00:05:27.757> a<00:05:27.821> project<00:05:28.544> where<00:05:29.186> we<00:05:29.331> can<00:05:29.508> bring<00:05:29.893> in<00:05:30.295> new<00:05:30.471> money<00:05:31.050> from<00:05:31.339> Lansing<00:05:32.399> directly<00:05:32.720> to<00:05:32.816> support<00:05:33.105> Detroit<00:05:33.587> and<00:05:33.908> to<00:05:34.005> take<00:05:34.246> that<00:05:34.406> downtown<00:05:34.808> development<00:05:35.756> and<00:05:36.334> move<00:05:36.575> that<00:05:36.800> money<00:05:37.281> out<00:05:37.458> into<00:05:37.699> the<00:05:37.795> neighborhoods.

00:05:38.358 --> 00:05:43.738
Again,<00:05:38.647> right<00:05:38.807> now,<00:05:39.530> when<00:05:39.787> there's<00:05:39.964> a<00:05:40.028> project<00:05:40.349> downtown,<00:05:41.008> it<00:05:41.072> gets<00:05:41.297> captured<00:05:41.714> by<00:05:41.795> the<00:05:41.955> DDA<00:05:42.293> for<00:05:42.678> more<00:05:42.839> economic<00:05:43.224> development.

00:05:44.043 --> 00:05:50.270
This<00:05:44.204> has<00:05:44.365> been<00:05:44.686> carefully<00:05:45.184> structured<00:05:46.196> so<00:05:46.436> that<00:05:46.933> the<00:05:47.030> new<00:05:47.270> money<00:05:47.655> created<00:05:48.377> can<00:05:48.698> actually<00:05:49.003> go<00:05:49.243> outside<00:05:49.676> of<00:05:49.757> the<00:05:49.837> downtown.

00:05:51.104 --> 00:05:52.692
So<00:05:51.265> why<00:05:51.505> is<00:05:51.666> growth<00:05:52.227> important?

00:05:52.772 --> 00:06:00.183
Because<00:05:53.334> one<00:05:53.446> of<00:05:53.510> the<00:05:53.671> pushbacks<00:05:54.104> I'll<00:05:54.377> often<00:05:54.633> get<00:05:54.858> is,<00:05:55.339> well,<00:05:55.435> we<00:05:55.531> don't<00:05:55.740> need<00:05:55.916> the<00:05:55.997> growth,<00:05:56.317> we<00:05:56.398> don't<00:05:56.638> need<00:05:56.879> to<00:05:57.360> invest<00:05:57.761> more<00:05:57.857> in<00:05:58.002> companies<00:05:58.483> or<00:05:58.547> have<00:05:58.804> more<00:05:58.948> employees<00:05:59.606> down<00:05:59.911> here.

00:06:00.488 --> 00:06:05.092
Why<00:06:00.649> does<00:06:00.889> growth<00:06:01.194> matter<00:06:01.755> in<00:06:01.852> the<00:06:01.932> context<00:06:02.654> of<00:06:02.798> the<00:06:02.862> city<00:06:03.295> and<00:06:03.536> delivering<00:06:04.017> services<00:06:04.498> for<00:06:04.643> residents?

00:06:05.381 --> 00:06:13.016
Part<00:06:05.557> of<00:06:05.621> this<00:06:05.846> project<00:06:06.343> includes<00:06:06.824> overall<00:06:07.562> over<00:06:07.691> $100<00:06:08.108> million<00:06:08.990> in<00:06:09.150> new<00:06:10.113> revenue<00:06:10.690> over<00:06:10.979> 30<00:06:11.236> years<00:06:11.460> for<00:06:11.589> the<00:06:11.653> city<00:06:11.893> of<00:06:12.022> Detroit<00:06:12.375> specifically.

00:06:13.161 --> 00:06:13.915
And<00:06:13.321> where<00:06:13.401> does<00:06:13.498> that<00:06:13.626> come<00:06:13.786> from?

00:06:13.963 --> 00:06:28.289
It<00:06:14.027> comes<00:06:14.219> from<00:06:14.444> income<00:06:14.749> taxes<00:06:15.150> primarily<00:06:15.807> that<00:06:16.048> go<00:06:16.192> to<00:06:16.273> the<00:06:16.305> city<00:06:16.674> where<00:06:16.850> Bedrock<00:06:17.476> Under<00:06:17.588> the<00:06:17.668> Renaissance<00:06:18.053> Zone<00:06:18.294> could<00:06:18.438> have<00:06:18.519> had<00:06:18.695> an<00:06:18.791> exemption<00:06:19.513> for<00:06:19.658> city<00:06:19.898> income<00:06:20.139> taxes,<00:06:20.540> but<00:06:20.620> they<00:06:20.765> chose<00:06:21.037> to<00:06:21.166> opt<00:06:21.406> out<00:06:21.503> of<00:06:21.599> that<00:06:21.824> because<00:06:22.209> they<00:06:22.289> understand,<00:06:23.027> and<00:06:23.171> the<00:06:23.203> city<00:06:23.428> understands<00:06:23.893> before<00:06:24.070> they<00:06:24.166> would<00:06:24.294> ever<00:06:24.471> approve<00:06:24.808> this,<00:06:25.032> that<00:06:25.594> that's<00:06:25.899> the<00:06:25.995> lifeblood<00:06:26.492> of<00:06:26.556> the<00:06:26.653> city<00:06:26.877> budget<00:06:27.262> is<00:06:27.423> the<00:06:27.535> income<00:06:27.760> tax<00:06:28.064> revenue.

00:06:28.337 --> 00:06:30.375
It's<00:06:28.482> the<00:06:28.626> biggest<00:06:28.883> revenue<00:06:29.188> source<00:06:29.909> we<00:06:29.990> have.

00:06:30.744 --> 00:06:33.423
It's<00:06:30.888> what<00:06:31.049> grows<00:06:31.369> the<00:06:31.450> most<00:06:31.690> dynamically<00:06:32.396> with<00:06:32.637> growth<00:06:32.878> in<00:06:32.958> the<00:06:33.054> economy.

00:06:34.001 --> 00:06:43.017
And<00:06:34.097> so<00:06:34.418> through<00:06:34.578> this<00:06:34.739> project,<00:06:35.621> you<00:06:35.701> know,<00:06:35.781> we're<00:06:35.942> creating<00:06:36.423> new<00:06:36.584> jobs,<00:06:37.209> hopefully<00:06:37.546> some<00:06:37.707> new<00:06:37.867> residents<00:06:38.413> too,<00:06:39.070> and<00:06:39.134> that<00:06:39.455> adds<00:06:39.696> to<00:06:39.792> the<00:06:39.872> income<00:06:40.097> tax<00:06:40.498> base<00:06:41.156> that<00:06:41.381> feeds<00:06:41.717> city<00:06:42.022> services<00:06:42.520> citywide.

00:06:43.306 --> 00:06:43.963
Mm,<00:06:43.722> okay.

00:06:44.508 --> 00:06:50.886
And,<00:06:45.229> you<00:06:45.261> know,<00:06:45.549> all<00:06:45.710> of<00:06:45.806> this<00:06:45.966> is<00:06:46.110> really<00:06:46.367> interesting<00:06:46.831> to<00:06:46.928> look<00:06:47.104> in<00:06:47.232> context<00:06:48.114> of<00:06:48.594> the<00:06:48.771> current<00:06:49.107> city<00:06:49.412> budget<00:06:49.732> too<00:06:49.893> and<00:06:50.053> where<00:06:50.197> we're<00:06:50.437> at<00:06:50.598> right<00:06:50.774> now.

00:06:51.014 --> 00:06:53.947
And<00:06:51.495> I<00:06:51.575> think<00:06:51.655> we<00:06:51.736> should<00:06:51.816> talk<00:06:52.056> about<00:06:52.281> that<00:06:52.361> a<00:06:52.377> little<00:06:52.537> bit<00:06:52.681> because<00:06:52.873> there's<00:06:53.082> been<00:06:53.178> some<00:06:53.338> adjustments,<00:06:53.803> right?

00:06:54.220 --> 00:06:54.588
That's<00:06:54.380> correct.

00:06:54.636 --> 00:07:00.791
So<00:06:55.005> also<00:06:55.197> this<00:06:55.406> month,<00:06:55.903> coincidentally,<00:06:57.008> the<00:06:57.040> city<00:06:57.826> a<00:06:57.842> few<00:06:58.050> weeks<00:06:58.226> ago<00:06:58.451> held<00:06:58.627> their<00:06:58.948> September<00:06:59.508> revenue<00:06:59.829> estimating<00:07:00.294> conference.

00:07:00.871 --> 00:07:11.753
This<00:07:01.031> is<00:07:01.111> a<00:07:01.191> process<00:07:01.736> where<00:07:01.977> twice<00:07:02.297> a<00:07:02.377> year<00:07:02.714> the<00:07:02.778> city<00:07:03.339> has<00:07:03.451> a<00:07:03.515> public<00:07:03.820> meeting<00:07:04.220> where<00:07:04.397> they<00:07:04.717> review<00:07:05.518> the<00:07:05.663> current<00:07:05.903> state<00:07:06.159> of<00:07:06.224> city<00:07:06.480> tax<00:07:06.801> revenues<00:07:07.426> and<00:07:08.083> they<00:07:08.323> approve<00:07:08.964> formal<00:07:09.509> estimates<00:07:10.006> that<00:07:10.102> are<00:07:10.182> then<00:07:10.487> binding<00:07:10.887> on<00:07:10.967> the<00:07:11.048> budget<00:07:11.288> process.

00:07:11.833 --> 00:07:17.029
Once<00:07:12.009> those<00:07:12.250> revenues<00:07:12.650> are<00:07:12.730> set,<00:07:13.516> all<00:07:13.628> that<00:07:13.772> you<00:07:13.997> can<00:07:14.173> do<00:07:14.334> with<00:07:14.478> the<00:07:14.574> budget<00:07:14.959> is<00:07:15.441> change<00:07:15.858> and<00:07:15.938> modify<00:07:16.403> expenditures.

00:07:17.285 --> 00:07:28.209
And<00:07:17.542> so<00:07:17.702> this<00:07:17.847> has<00:07:17.943> been<00:07:18.264> a<00:07:18.344> post-bankruptcy<00:07:19.066> reform<00:07:19.868> to<00:07:20.012> ensure<00:07:20.510> that<00:07:21.392> the<00:07:21.488> city<00:07:21.777> has<00:07:22.098> honest<00:07:22.354> revenue<00:07:22.675> estimates,<00:07:23.236> they're<00:07:23.397> conservative,<00:07:24.263> and<00:07:24.440> to<00:07:24.536> make<00:07:24.760> sure<00:07:25.001> that,<00:07:25.787> you<00:07:25.883> know,<00:07:25.947> the<00:07:25.979> city<00:07:26.268> continues<00:07:26.685> to<00:07:26.830> live<00:07:26.990> within<00:07:27.231> its<00:07:27.343> means<00:07:27.568> into<00:07:27.728> the<00:07:27.808> future.

00:07:28.370 --> 00:07:37.417
At<00:07:28.466> this<00:07:28.674> last<00:07:28.915> conference,<00:07:29.492> there<00:07:29.733> was<00:07:30.054> a<00:07:30.214> pretty<00:07:30.519> big<00:07:30.776> increase<00:07:31.257> in<00:07:31.337> the<00:07:31.417> revenue<00:07:31.738> estimates,<00:07:32.444> about<00:07:32.877> $50<00:07:33.198> million<00:07:33.647> of<00:07:34.080> additional<00:07:34.625> revenue<00:07:35.428> compared<00:07:35.893> to<00:07:36.005> the<00:07:36.149> last<00:07:36.390> time<00:07:36.631> they<00:07:36.775> estimated<00:07:37.256> them.

00:07:37.834 --> 00:07:44.699
And<00:07:37.898> that<00:07:37.994> was<00:07:38.138> driven<00:07:38.379> primarily<00:07:38.956> by<00:07:39.341> income<00:07:39.518> tax,<00:07:39.983> as<00:07:40.079> we<00:07:40.144> were<00:07:40.240> talking<00:07:40.625> about,<00:07:41.347> as<00:07:41.507> well<00:07:41.908> as<00:07:42.389> additional<00:07:43.047> investment<00:07:43.592> income<00:07:43.913> projections.

00:07:45.132 --> 00:07:50.119
In<00:07:45.276> the<00:07:45.437> end,<00:07:46.239> what<00:07:46.399> this<00:07:46.575> represented<00:07:47.056> was<00:07:47.361> higher<00:07:47.778> revenues<00:07:48.419> last<00:07:48.820> year<00:07:49.382> than<00:07:49.526> were<00:07:49.622> expected.

00:07:50.167 --> 00:08:02.419
So,<00:07:50.360> uh,<00:07:50.568> about<00:07:50.825> a<00:07:50.905> year<00:07:51.065> ago,<00:07:51.306> the<00:07:51.386> city<00:07:51.867> took<00:07:52.172> down<00:07:52.444> their<00:07:52.573> revenue<00:07:52.974> estimates<00:07:53.391> pretty<00:07:53.567> substantially<00:07:54.754> out<00:07:54.850> of<00:07:54.914> fears<00:07:55.395> between,<00:07:56.197> you<00:07:56.261> know,<00:07:56.582> the<00:07:56.662> tariff<00:07:57.079> wars,<00:07:57.784> um,<00:07:57.945> additional<00:07:58.442> uncertainty<00:07:59.228> with<00:07:59.388> how<00:07:59.564> the<00:07:59.709> One<00:07:59.885> Big<00:08:00.126> Beautiful<00:08:00.446> Bill<00:08:00.671> Act<00:08:00.863> at<00:08:00.992> the<00:08:01.024> federal<00:08:01.344> level<00:08:01.649> would<00:08:01.745> affect<00:08:02.114> the<00:08:02.146> city.

00:08:02.852 --> 00:08:03.814
And<00:08:02.932> so<00:08:03.076> they<00:08:03.172> were<00:08:03.269> being<00:08:03.493> prudent.

00:08:03.894 --> 00:08:07.791
They<00:08:03.974> took<00:08:04.151> the<00:08:04.215> revenue<00:08:04.439> estimates<00:08:04.712> down,<00:08:04.952> and<00:08:05.017> then<00:08:05.161> the<00:08:05.193> city<00:08:05.417> budget<00:08:05.738> last<00:08:05.963> year<00:08:06.043> had<00:08:06.203> to<00:08:06.315> live<00:08:06.540> within<00:08:06.925> those<00:08:07.165> lower<00:08:07.406> revenues.

00:08:08.368 --> 00:08:13.483
Uh,<00:08:08.609> as<00:08:08.689> they<00:08:08.785> finished<00:08:09.170> last<00:08:09.523> year,<00:08:09.827> revenues<00:08:10.228> were<00:08:10.372> higher<00:08:10.629> than<00:08:10.789> expected,<00:08:11.511> and<00:08:11.591> now<00:08:11.816> that's<00:08:12.136> built<00:08:12.329> into<00:08:12.537> the<00:08:12.617> base<00:08:12.874> going<00:08:13.115> forward.

00:08:13.740 --> 00:08:18.021
So<00:08:13.820> these<00:08:13.981> new<00:08:14.141> estimates,<00:08:14.718> they<00:08:14.862> don't<00:08:15.119> actually<00:08:15.360> represent<00:08:16.466> a<00:08:16.546> higher<00:08:16.883> level<00:08:17.203> of<00:08:17.364> future<00:08:17.668> growth.

00:08:18.149 --> 00:08:24.786
It's<00:08:18.325> just<00:08:18.550> that<00:08:18.871> the<00:08:18.967> year<00:08:19.191> we<00:08:19.287> just<00:08:19.528> finished<00:08:20.009> was<00:08:20.233> a<00:08:20.249> lot<00:08:20.490> better<00:08:20.714> than<00:08:20.826> expected<00:08:21.323> because<00:08:22.028> itself<00:08:22.493> was<00:08:22.878> planning<00:08:23.199> for<00:08:23.359> the<00:08:23.455> worst,<00:08:23.920> and<00:08:24.016> the<00:08:24.080> worst<00:08:24.337> didn't<00:08:24.497> happen.

00:08:25.283 --> 00:08:29.498
Does<00:08:25.443> this<00:08:25.683> mean<00:08:25.924> that<00:08:26.100> there's<00:08:26.325> going<00:08:26.421> to<00:08:26.501> be<00:08:26.661> more<00:08:26.902> stuff,<00:08:27.318> or<00:08:27.463> is<00:08:27.543> this<00:08:27.767> more<00:08:27.944> about<00:08:28.120> making<00:08:28.424> sure<00:08:28.665> that<00:08:28.809> all<00:08:28.905> the<00:08:28.986> bills<00:08:29.162> are<00:08:29.306> paid?

00:08:29.723 --> 00:08:31.631
So<00:08:29.867> unfortunately,<00:08:30.605> more<00:08:30.829> so<00:08:31.214> the<00:08:31.294> latter.

00:08:31.855 --> 00:08:36.728
So<00:08:31.951> $50<00:08:32.192> million<00:08:32.833> understandably<00:08:33.650> sounds<00:08:34.019> like<00:08:34.195> a<00:08:34.259> tremendous<00:08:34.756> sum<00:08:34.933> of<00:08:35.061> money,<00:08:35.478> and<00:08:35.638> in<00:08:35.718> many<00:08:35.959> ways<00:08:36.199> it<00:08:36.424> is.

00:08:36.824 --> 00:08:37.914
I<00:08:36.904> would<00:08:37.065> like<00:08:37.225> $50<00:08:37.562> million.

00:08:38.219 --> 00:08:39.357
Steve,<00:08:38.507> do<00:08:38.604> you<00:08:38.700> have<00:08:38.844> $50<00:08:39.165> million?

00:08:39.405 --> 00:08:42.595
Does<00:08:39.630> Daily<00:08:39.902> Detroit—<00:08:40.287> would<00:08:40.447> love—<00:08:40.623> I'll<00:08:40.768> put<00:08:40.912> on<00:08:40.992> the<00:08:41.072> record,<00:08:41.633> we<00:08:41.729> would<00:08:41.874> love<00:08:42.050> $50<00:08:42.291> million.

00:08:42.932 --> 00:08:44.695
Imagine<00:08:43.252> the<00:08:43.333> coverage<00:08:43.653> we<00:08:43.733> could<00:08:43.878> do<00:08:43.974> for<00:08:44.134> $50<00:08:44.391> million.

00:08:44.936 --> 00:08:45.593
It<00:08:45.000> would<00:08:45.096> be<00:08:45.176> amazing.

00:08:45.801 --> 00:08:53.090
To<00:08:45.881> put<00:08:45.945> it<00:08:45.977> in<00:08:46.122> context,<00:08:46.539> that's<00:08:46.779> $50<00:08:47.035> million<00:08:47.404> of<00:08:47.661> additional<00:08:48.110> out<00:08:48.550> of<00:08:48.730> a<00:08:48.990> $1.5<00:08:49.970> billion<00:08:50.450> annual<00:08:51.190> city<00:08:51.650> general<00:08:52.030> fund<00:08:52.270> budget.

00:08:53.090 --> 00:08:58.970
So<00:08:53.270> definitely<00:08:53.730> a<00:08:54.210> lot<00:08:54.290> of<00:08:54.930> money,<00:08:55.190> but<00:08:55.490> it,<00:08:55.890> you<00:08:55.891> know,<00:08:56.110> about<00:08:56.510> only<00:08:56.790> about<00:08:57.030> 3%<00:08:57.670> of<00:08:57.870> the<00:08:58.050> total<00:08:58.410> budget.

00:08:58.970 --> 00:09:03.450
What<00:08:59.330> it's<00:08:59.550> going<00:08:59.570> to<00:08:59.710> help<00:08:59.890> with,<00:09:00.290> in<00:09:00.490> my<00:09:00.690> opinion,<00:09:00.970> we'll<00:09:01.150> see<00:09:01.350> what<00:09:01.690> budget<00:09:01.930> the<00:09:02.110> mayor<00:09:02.290> puts<00:09:02.550> out<00:09:02.750> come<00:09:03.050> March.

00:09:03.450 --> 00:09:07.250
They're<00:09:03.690> obviously<00:09:03.950> working<00:09:04.210> on<00:09:04.329> all<00:09:04.470> that<00:09:04.570> right<00:09:04.750> now,<00:09:04.850> and<00:09:04.950> they're<00:09:05.050> even<00:09:05.170> doing<00:09:05.370> community<00:09:05.710> engagement<00:09:06.090> on<00:09:06.250> the<00:09:06.370> budget<00:09:06.530> right<00:09:06.750> now<00:09:07.130> too.

00:09:07.250 --> 00:09:08.350
So<00:09:07.490> keep<00:09:07.690> an<00:09:07.890> eye<00:09:07.950> out.

00:09:08.350 --> 00:09:14.690
There's<00:09:08.490> virtual<00:09:09.490> Zoom<00:09:09.830> meetings<00:09:10.290> where<00:09:10.690> the<00:09:11.170> city<00:09:11.530> budget<00:09:11.790> team<00:09:12.130> is<00:09:12.430> engaging<00:09:12.750> with<00:09:12.950> the<00:09:13.110> public<00:09:13.190> on<00:09:13.370> what<00:09:13.550> their<00:09:13.690> priorities<00:09:14.030> are<00:09:14.210> for<00:09:14.330> the<00:09:14.470> budget.

00:09:14.690 --> 00:09:16.790
You<00:09:14.810> can<00:09:14.910> get<00:09:15.030> to<00:09:15.190> that<00:09:15.310> on<00:09:15.470> the<00:09:15.570> city's<00:09:15.790> website<00:09:16.130> at<00:09:16.390> detroitmi.gov/budget.

00:09:17.910 --> 00:09:36.595
But<00:09:18.090> in<00:09:18.110> this<00:09:18.130> coming<00:09:18.150> budget,<00:09:18.170> what<00:09:18.190> I<00:09:18.210> think<00:09:19.882> we'll<00:09:19.994> see<00:09:20.987> is<00:09:21.244> this<00:09:21.468> new<00:09:21.580> money<00:09:21.965> will<00:09:22.125> help<00:09:22.590> the<00:09:22.622> mayor<00:09:23.102> sustain<00:09:24.032> a<00:09:24.128> lot<00:09:24.513> of<00:09:24.769> the<00:09:24.849> new<00:09:25.746> social<00:09:26.147> services<00:09:26.532> programs<00:09:27.253> that<00:09:27.397> have<00:09:27.493> been<00:09:27.734> launched<00:09:28.214> under<00:09:28.599> the<00:09:28.695> American<00:09:29.096> Rescue<00:09:29.400> Plan<00:09:29.640> Act<00:09:29.833> funds<00:09:30.121> from<00:09:30.217> the<00:09:30.297> federal<00:09:30.538> government<00:09:30.826> and<00:09:30.922> other<00:09:31.099> one-time<00:09:31.579> funds,<00:09:32.044> which<00:09:32.156> is<00:09:32.381> amazing<00:09:32.781> because<00:09:33.022> a<00:09:33.038> lot<00:09:33.198> of<00:09:33.262> those<00:09:33.438> may<00:09:34.047> have<00:09:34.143> otherwise<00:09:34.544> needed<00:09:34.784> to<00:09:34.864> be<00:09:35.265> wound<00:09:35.585> down<00:09:35.986> substantially.

00:09:37.108 --> 00:09:45.809
In<00:09:37.172> addition,<00:09:38.149> two<00:09:38.310> major<00:09:38.630> cost<00:09:38.935> pressures<00:09:39.271> the<00:09:39.351> city's<00:09:39.608> going<00:09:39.704> to<00:09:39.768> face<00:09:40.313> in<00:09:40.393> the<00:09:40.473> year<00:09:40.633> ahead<00:09:41.178> are<00:09:41.739> they<00:09:41.835> are<00:09:41.915> in<00:09:42.139> active<00:09:42.332> negotiations<00:09:43.117> with<00:09:43.277> their<00:09:43.421> firefighters<00:09:44.078> union<00:09:44.559> and<00:09:44.703> their<00:09:44.864> police<00:09:45.184> officers<00:09:45.521> union.

00:09:46.322 --> 00:09:51.415
Where<00:09:46.467> they're<00:09:46.531> going<00:09:46.595> to<00:09:46.644> be<00:09:46.724> negotiating<00:09:47.543> over<00:09:47.752> things<00:09:48.090> like<00:09:48.330> healthcare<00:09:48.732> benefits,<00:09:49.375> wages,<00:09:50.339> retirement<00:09:50.901> benefits.

00:09:51.785 --> 00:09:59.544
And,<00:09:52.267> you<00:09:52.299> know,<00:09:52.652> those<00:09:52.893> being<00:09:53.150> the<00:09:53.295> two<00:09:53.616> biggest<00:09:53.953> departments<00:09:54.435> in<00:09:54.516> city<00:09:54.757> government<00:09:55.560> with<00:09:55.705> the<00:09:55.737> most<00:09:55.978> employees,<00:09:56.669> the<00:09:56.765> outcome<00:09:57.151> of<00:09:57.247> those<00:09:57.424> negotiations<00:09:57.970> will<00:09:58.114> have<00:09:58.227> a<00:09:58.275> substantial<00:09:58.709> impact<00:09:59.014> on<00:09:59.094> the<00:09:59.175> budget.

00:09:59.817 --> 00:10:03.561
And<00:09:59.898> this<00:10:00.123> extra<00:10:00.396> money<00:10:00.765> will<00:10:00.862> help<00:10:01.103> the<00:10:01.183> city<00:10:01.986> plan<00:10:02.292> for<00:10:02.388> that,<00:10:02.645> those<00:10:02.854> outcomes<00:10:03.127> accordingly.

00:10:03.978 --> 00:10:06.517
When<00:10:04.460> are<00:10:04.958> those<00:10:05.183> negotiations<00:10:05.987> coming<00:10:06.244> together?

00:10:06.565 --> 00:10:07.754
When<00:10:06.645> do<00:10:06.710> those<00:10:06.870> contracts<00:10:07.288> wrap<00:10:07.593> up?

00:10:07.850 --> 00:10:12.734
Previous<00:10:08.316> labor<00:10:08.638> contract<00:10:09.055> for<00:10:09.136> the<00:10:09.200> firefighters<00:10:09.762> union<00:10:10.083> actually<00:10:10.485> expired,<00:10:11.385> I<00:10:11.465> want<00:10:11.594> to<00:10:11.626> say<00:10:12.172> last<00:10:12.493> June.

00:10:13.152 --> 00:10:15.366
And<00:10:13.296> then<00:10:13.954> the<00:10:14.115> police<00:10:14.436> one<00:10:14.580> will<00:10:14.676> be<00:10:14.773> next<00:10:15.222> June.

00:10:15.703 --> 00:10:22.395
When<00:10:15.800> a<00:10:15.864> contract<00:10:16.217> expires,<00:10:16.843> negotiations<00:10:17.469> can<00:10:17.629> continue,<00:10:18.672> but<00:10:18.929> the<00:10:19.009> time<00:10:19.346> is<00:10:19.491> kind<00:10:19.635> of<00:10:19.731> now<00:10:20.630> for<00:10:21.320> driving<00:10:21.577> those<00:10:21.737> to<00:10:21.898> a<00:10:21.978> result.

00:10:22.524 --> 00:10:36.469
And<00:10:22.877> certainly<00:10:23.326> wherever<00:10:23.727> they<00:10:23.888> land<00:10:24.449> with<00:10:24.770> the<00:10:24.851> firefighters<00:10:25.412> union<00:10:25.830> will<00:10:26.134> ultimately,<00:10:27.178> you<00:10:27.210> know,<00:10:27.338> kind<00:10:27.434> of<00:10:27.466> set<00:10:27.819> the<00:10:27.852> stage<00:10:28.397> for<00:10:28.542> the<00:10:28.622> police<00:10:28.943> officers<00:10:29.296> negotiation<00:10:29.906> too,<00:10:30.098> since<00:10:30.403> there's,<00:10:30.885> you<00:10:30.917> know,<00:10:31.029> obviously<00:10:31.270> a<00:10:31.286> lot<00:10:31.430> of<00:10:31.510> similarity<00:10:31.928> there,<00:10:32.168> both<00:10:32.329> public<00:10:32.570> safety<00:10:32.826> missions,<00:10:33.677> a<00:10:33.757> lot<00:10:33.998> of<00:10:34.158> the<00:10:34.239> same<00:10:34.560> kind<00:10:34.672> of<00:10:34.816> issues<00:10:35.201> at<00:10:35.314> stake<00:10:35.699> in<00:10:35.779> those<00:10:35.940> negotiations.

00:10:36.903 --> 00:10:43.613
So<00:10:37.047> what<00:10:37.207> I'm<00:10:37.368> hearing<00:10:37.769> is,<00:10:38.026> is<00:10:38.251> we're<00:10:38.347> paying<00:10:38.588> the<00:10:38.668> rent,<00:10:38.989> we're<00:10:39.149> paying<00:10:39.390> the<00:10:39.470> bills,<00:10:40.176> but<00:10:40.594> we're<00:10:40.690> not<00:10:40.899> in<00:10:40.995> like<00:10:41.317> any<00:10:41.622> kind<00:10:41.814> of<00:10:41.879> like<00:10:42.120> danger<00:10:42.601> like<00:10:42.778> we<00:10:42.907> were<00:10:43.083> in<00:10:43.228> the<00:10:43.308> past.

00:10:43.661 --> 00:10:47.869
We're<00:10:43.790> paying<00:10:44.031> the<00:10:44.111> bills,<00:10:44.689> but<00:10:44.769> we're<00:10:44.914> not<00:10:45.091> really<00:10:45.813> growing<00:10:46.215> a<00:10:46.295> ton<00:10:46.937> with,<00:10:47.178> with<00:10:47.339> those<00:10:47.499> revenues.

00:10:48.463 --> 00:10:48.752
Correct.

00:10:48.800 --> 00:10:52.044
So<00:10:49.186> we're<00:10:49.266> keeping<00:10:49.587> up<00:10:49.667> with<00:10:49.812> paying<00:10:50.069> the<00:10:50.149> bills,<00:10:50.535> the<00:10:50.615> cost<00:10:50.888> of<00:10:51.016> current<00:10:51.273> services.

00:10:52.638 --> 00:10:57.199
Every<00:10:52.944> year<00:10:53.345> it<00:10:53.377> will<00:10:53.586> always<00:10:53.923> be<00:10:54.630> a<00:10:54.646> series<00:10:54.983> of<00:10:55.047> trade-offs<00:10:55.674> as<00:10:55.770> the<00:10:55.850> city<00:10:56.091> balances<00:10:56.573> its<00:10:56.814> budget.

00:10:57.601 --> 00:11:02.162
But<00:10:57.794> yes,<00:10:58.099> the<00:10:58.259> good<00:10:58.484> news,<00:10:58.805> the<00:10:58.902> positive<00:10:59.367> story<00:10:59.705> here<00:11:00.026> is<00:11:00.170> that<00:11:00.652> there<00:11:00.748> isn't<00:11:00.989> some<00:11:01.214> great<00:11:01.616> risk.

00:11:02.290 --> 00:11:08.698
It's<00:11:02.676> about<00:11:02.916> keeping<00:11:03.238> up<00:11:03.318> with<00:11:03.478> paying<00:11:03.800> the<00:11:03.880> bills<00:11:04.506> and<00:11:04.683> making<00:11:05.004> sure<00:11:05.406> that<00:11:05.952> as<00:11:06.128> new<00:11:06.289> pressures<00:11:06.690> arise,<00:11:07.092> there's,<00:11:07.317> there's<00:11:07.525> solutions<00:11:07.991> to<00:11:08.136> deal<00:11:08.296> with<00:11:08.457> them.

00:11:08.923 --> 00:11:20.617
Ultimately,<00:11:09.966> where<00:11:10.127> we<00:11:10.223> could<00:11:10.367> see<00:11:10.624> even<00:11:10.848> more<00:11:11.025> transformational<00:11:11.586> change<00:11:12.148> into<00:11:12.372> the<00:11:12.469> future<00:11:13.030> is<00:11:13.351> if<00:11:13.495> the<00:11:13.575> city<00:11:13.912> is<00:11:14.073> able<00:11:14.217> to<00:11:14.297> continue<00:11:15.276> growing<00:11:15.596> its<00:11:15.741> economy,<00:11:16.864> adding<00:11:17.040> population,<00:11:18.564> increasing<00:11:19.045> wages<00:11:19.526> for<00:11:19.687> current<00:11:20.008> residents.

00:11:21.131 --> 00:11:39.787
A<00:11:21.211> lot<00:11:21.435> of<00:11:21.532> the<00:11:21.612> development<00:11:22.013> projects<00:11:22.574> like<00:11:22.735> the<00:11:22.815> Renaissance<00:11:23.296> Center<00:11:23.938> that<00:11:24.178> can<00:11:24.355> drive<00:11:25.221> new<00:11:25.462> incremental<00:11:25.863> tax<00:11:26.167> revenue<00:11:26.408> for<00:11:26.504> the<00:11:26.600> city,<00:11:27.066> every<00:11:27.290> one<00:11:27.451> of<00:11:27.547> those<00:11:27.788> both<00:11:28.044> mega<00:11:28.365> deals<00:11:28.991> as<00:11:29.151> well<00:11:29.392> as<00:11:29.696> all<00:11:29.809> of<00:11:29.953> the<00:11:30.129> human-scale<00:11:30.899> development<00:11:31.397> around<00:11:31.958> workforce<00:11:32.359> training<00:11:32.921> and,<00:11:33.081> and<00:11:33.386> creating<00:11:33.707> job<00:11:33.947> opportunities,<00:11:35.006> small<00:11:35.327> business<00:11:35.792> growth,<00:11:36.273> these<00:11:36.450> are<00:11:36.530> the<00:11:36.674> things<00:11:37.476> that<00:11:37.653> can<00:11:37.877> actually<00:11:38.439> drive<00:11:38.776> up<00:11:39.001> Detroit's<00:11:39.354> economy.

00:11:39.964 --> 00:11:44.811
I<00:11:40.060> like<00:11:40.221> to<00:11:40.285> tell<00:11:40.461> people<00:11:41.023> that<00:11:41.248> we—<00:11:41.585> our<00:11:41.665> economy<00:11:42.050> has<00:11:42.323> a<00:11:42.451> tremendous<00:11:42.949> amount<00:11:43.495> of<00:11:43.815> untapped<00:11:44.313> potential.

00:11:45.035 --> 00:11:49.112
We<00:11:45.099> can<00:11:45.260> raise<00:11:45.597> wages,<00:11:46.383> provide<00:11:46.961> good-paying<00:11:47.442> jobs,<00:11:48.084> grow<00:11:48.309> the<00:11:48.389> population.

00:11:49.208 --> 00:11:54.825
The<00:11:49.304> city's<00:11:49.609> income<00:11:49.850> tax<00:11:50.171> revenue<00:11:50.973> and<00:11:51.053> property<00:11:51.374> tax<00:11:51.615> revenue<00:11:51.936> too<00:11:52.321> could<00:11:52.562> grow<00:11:52.915> substantially<00:11:53.557> more<00:11:54.006> than<00:11:54.167> what<00:11:54.263> we<00:11:54.343> have<00:11:54.568> today.

00:11:55.066 --> 00:12:19.639
I<00:11:55.146> think<00:11:55.306> that's<00:11:55.531> really<00:11:55.708> important<00:11:56.045> because<00:11:56.510> there<00:11:56.606> was<00:11:56.831> a<00:11:56.847> statistic—<00:11:57.874> oh,<00:11:58.179> what<00:11:58.339> was<00:11:58.596> it—<00:11:58.693> about<00:11:59.399> the<00:11:59.479> amount<00:11:59.720> of<00:11:59.800> people<00:12:00.105> who<00:12:00.281> aren't<00:12:00.506> making<00:12:00.827> a<00:12:00.843> liv—<00:12:01.084> the<00:12:01.164> amount<00:12:01.405> of<00:12:01.485> people<00:12:01.646> who<00:12:01.726> make<00:12:01.902> a<00:12:01.966> living<00:12:02.271> wage<00:12:02.544> in<00:12:02.608> the<00:12:02.689> city<00:12:02.945> of<00:12:03.074> Detroit<00:12:04.117> And<00:12:04.197> it<00:12:04.278> struck<00:12:04.695> me,<00:12:05.241> I'm—<00:12:05.578> maybe<00:12:05.819> you<00:12:05.963> have<00:12:06.124> it<00:12:06.204> at<00:12:06.300> the<00:12:06.364> ready,<00:12:06.621> but<00:12:06.862> it<00:12:06.942> struck<00:12:07.263> me<00:12:07.424> that<00:12:07.568> if<00:12:07.648> we<00:12:07.745> could<00:12:07.985> get<00:12:08.451> that<00:12:08.852> up,<00:12:09.575> just<00:12:09.912> that<00:12:10.217> loan<00:12:10.473> not<00:12:10.634> only<00:12:10.859> would<00:12:11.035> help<00:12:11.677> lift<00:12:12.062> up<00:12:12.223> so<00:12:12.400> many<00:12:12.640> Detroiters,<00:12:13.282> it's<00:12:13.379> that<00:12:13.619> inclusive<00:12:14.326> comeback<00:12:14.807> people<00:12:15.048> talk<00:12:15.289> about,<00:12:15.995> but<00:12:16.156> also<00:12:16.477> just<00:12:16.653> naturally<00:12:17.199> provide<00:12:17.616> the<00:12:17.761> resources<00:12:19.125> that<00:12:19.237> are<00:12:19.318> needed.

00:12:19.687 --> 00:12:25.594
Like,<00:12:19.863> it<00:12:20.024> seems<00:12:20.345> so<00:12:20.570> often<00:12:20.891> that<00:12:21.292> the<00:12:21.549> more<00:12:21.790> I<00:12:21.934> cover<00:12:22.271> this,<00:12:22.496> the<00:12:22.592> more<00:12:22.833> I<00:12:22.977> realize<00:12:23.973> so<00:12:24.101> much<00:12:24.358> of<00:12:24.502> this<00:12:24.679> is<00:12:24.759> a<00:12:24.775> math<00:12:25.225> problem.

00:12:25.947 --> 00:12:26.460
Yeah,<00:12:26.107> that's<00:12:26.268> correct.

00:12:26.525 --> 00:12:36.365
Part<00:12:26.685> of<00:12:26.846> the<00:12:27.070> University<00:12:27.488> of<00:12:27.520> Michigan<00:12:27.985> economic<00:12:28.435> report<00:12:28.852> that<00:12:29.077> was<00:12:29.173> attached<00:12:29.510> to<00:12:29.639> the<00:12:29.719> revenue<00:12:29.976> conference<00:12:30.762> showed<00:12:31.099> that<00:12:31.966> only<00:12:32.127> about<00:12:32.303> a<00:12:32.319> third<00:12:33.026> of<00:12:33.122> Detroiters<00:12:33.828> currently<00:12:34.326> earn<00:12:34.775> a<00:12:34.872> living<00:12:35.177> wage<00:12:35.498> for<00:12:35.578> their<00:12:35.674> households.

00:12:36.862 --> 00:12:39.142
That<00:12:37.119> compares<00:12:37.520> to<00:12:37.601> Chicago,<00:12:38.146> where<00:12:38.243> it's<00:12:38.387> closer<00:12:38.660> to<00:12:38.740> 60%.

00:12:39.832 --> 00:12:41.710
And<00:12:39.944> so<00:12:40.490> we're<00:12:40.651> pretty<00:12:40.811> far<00:12:40.988> behind<00:12:41.293> on<00:12:41.373> that<00:12:41.517> measure.

00:12:41.774 --> 00:12:43.267
That's<00:12:41.935> probably<00:12:42.176> not<00:12:42.336> a<00:12:42.352> surprise<00:12:42.818> to<00:12:42.898> people.

00:12:43.524 --> 00:12:48.244
You<00:12:43.556> know,<00:12:43.636> there's<00:12:43.845> a<00:12:43.941> lot<00:12:44.246> of<00:12:44.407> work<00:12:44.664> to<00:12:44.824> do<00:12:45.386> to<00:12:45.627> bring<00:12:46.173> up<00:12:46.510> incomes<00:12:46.831> and<00:12:46.975> wages<00:12:47.473> for<00:12:47.714> Detroiters.

00:12:48.356 --> 00:13:02.097
And<00:12:48.436> that's<00:12:48.645> a<00:12:48.741> big<00:12:48.838> part<00:12:48.998> of<00:12:49.143> why<00:12:49.399> in<00:12:49.480> the<00:12:49.544> mayor's<00:12:49.720> State<00:12:49.977> of<00:12:50.042> the<00:12:50.138> City<00:12:50.860> earlier<00:12:51.165> in<00:12:51.245> the<00:12:51.390> year,<00:12:51.968> she<00:12:52.144> made<00:12:52.433> that<00:12:52.610> a<00:12:52.626> hallmark<00:12:53.172> point<00:12:53.413> of<00:12:53.557> her<00:12:53.653> agenda,<00:12:54.456> first<00:12:54.697> by<00:12:55.018> raising<00:12:55.644> all<00:12:55.804> of<00:12:56.238> Detroit<00:12:56.543> city<00:12:56.848> workers<00:12:57.426> up<00:12:57.586> to<00:12:57.747> a<00:12:57.811> living<00:12:58.068> wage<00:12:58.790> and<00:12:58.951> then<00:12:59.336> challenging<00:12:59.994> the<00:13:00.074> private<00:13:00.412> sector<00:13:00.861> to<00:13:01.118> match<00:13:01.423> her<00:13:01.583> in<00:13:01.664> that<00:13:01.840> effort.

00:13:02.418 --> 00:13:10.256
So<00:13:02.948> what<00:13:03.109> you're<00:13:03.270> telling<00:13:03.478> me<00:13:03.751> is<00:13:03.848> that<00:13:04.073> the<00:13:04.233> way<00:13:04.394> to<00:13:04.490> get<00:13:04.795> there,<00:13:04.972> the<00:13:05.133> way<00:13:05.293> to<00:13:05.438> get<00:13:05.679> these<00:13:05.855> things<00:13:06.096> that<00:13:06.177> people<00:13:06.417> keep<00:13:06.658> wanting<00:13:06.980> out<00:13:07.044> of<00:13:07.140> the<00:13:07.220> city<00:13:07.558> and<00:13:07.702> more<00:13:07.799> services,<00:13:08.923> it's<00:13:09.067> through<00:13:09.228> growth<00:13:09.694> one<00:13:09.854> way<00:13:09.935> or<00:13:10.031> another.

00:13:10.754 --> 00:13:11.204
Absolutely.

00:13:11.701 --> 00:13:11.894
All<00:13:11.734> right.

00:13:12.280 --> 00:13:18.736
Well,<00:13:12.777> Steve<00:13:13.002> Watson,<00:13:13.404> partner<00:13:13.870> and<00:13:14.432> COO<00:13:14.994> at<00:13:15.171> Watson<00:13:15.797> and<00:13:16.198> Yates,<00:13:17.242> thank<00:13:17.403> you<00:13:17.435> so<00:13:17.596> much<00:13:17.805> for<00:13:17.869> your<00:13:17.917> time<00:13:18.142> on<00:13:18.222> Daily<00:13:18.463> Detroit.

00:13:18.784 --> 00:13:20.760
Where<00:13:19.025> can<00:13:19.186> people<00:13:19.491> follow<00:13:19.812> you<00:13:19.989> and<00:13:20.053> read<00:13:20.230> your<00:13:20.294> musings?

00:13:21.113 --> 00:13:26.012
So<00:13:21.258> you<00:13:21.354> can<00:13:21.611> find<00:13:22.012> our<00:13:22.157> Substack,<00:13:22.719> The<00:13:22.799> Balanced<00:13:23.281> Sheet,<00:13:23.667> at<00:13:23.827> WatsonYates.substack.com.

00:13:26.317 --> 00:13:26.526
Awesome.

00:13:26.574 --> 00:13:27.650
Thank<00:13:26.734> you<00:13:26.815> so<00:13:26.959> much<00:13:27.120> for<00:13:27.200> stopping<00:13:27.537> by.

00:13:27.762 --> 00:13:29.641
And<00:13:27.859> people,<00:13:28.421> if<00:13:28.565> you've<00:13:28.662> got<00:13:28.886> questions,<00:13:29.304> let<00:13:29.400> me<00:13:29.481> know.

00:13:29.770 --> 00:13:31.103
DailyDetroit@gmail.com.

00:13:31.488 --> 00:13:35.666
I'll<00:13:31.633> save<00:13:31.858> them<00:13:32.019> up,<00:13:32.260> and<00:13:32.742> Steve's<00:13:32.999> been<00:13:33.143> on<00:13:33.240> the<00:13:33.320> show<00:13:33.561> a<00:13:33.577> few<00:13:33.802> times,<00:13:34.348> uh,<00:13:34.605> we'll<00:13:34.830> fire<00:13:35.087> them<00:13:35.248> off<00:13:35.473> to<00:13:35.585> him.

00:13:35.955 --> 00:13:36.597
Thanks<00:13:36.083> for<00:13:36.148> having<00:13:36.308> me,<00:13:36.453> Jer.

00:13:37.095 --> 00:13:38.670
Thank<00:13:37.240> you<00:13:37.272> so<00:13:37.433> much<00:13:37.529> to<00:13:37.642> our<00:13:37.722> members<00:13:38.059> on<00:13:38.204> Patreon.

00:13:39.088 --> 00:13:40.518
Thank<00:13:39.248> you<00:13:39.345> so<00:13:39.602> much<00:13:39.891> for<00:13:40.068> listening.

00:13:40.775 --> 00:13:41.963
With<00:13:40.855> that,<00:13:41.176> I'm<00:13:41.337> Jer<00:13:41.530> Stays.

00:13:42.221 --> 00:13:45.562
Remember<00:13:42.542> that<00:13:42.703> you<00:13:42.863> are<00:13:42.895> somebody,<00:13:43.683> and<00:13:43.763> I'll<00:13:43.859> see<00:13:44.148> you<00:13:44.791> around<00:13:45.048> Detroit.