About $12 million in tax breaks have been approved for the $95.8-million proposal to redevelop the old YMCA building in downtown Ann Arbor.
Ann Arbor-based XY LLC will receive a single-business tax credit of at least $8.4 million and another $3.6 million in captured local and state taxes for the project.
The developer is proposing razing the old YMCA building at the half block bordered by William Street, 5th Avenue and 4th Avenue. A new complex featuring 117,000 square feet of commercial and retail space, 100 housing units, a 205-room hotel with restaurant and banquet facilities and a new Ann Arbor Transit Authority bus center would go in its place. The project is expected to create 700 new jobs.
Source: Michigan Economic Development Corporation