Stafford County is looking to save a whopping $1 billion by constructing a new land sale project on the southern edge of the Detroit metropolitan area.
The project, known as Boustead, will include a 1.3 million square foot parcel on the city’s western edge.
The land sale is expected to close in the next few months.
The $1.3 billion deal is expected, if all goes according to plan, to provide $500 million in federal aid to the Detroit area.
It is the largest land sale in the county’s history.
“The plan is to buy one million acres and then lease it to local landowners to build houses on and sell to investors,” Detroit Free Press columnist Dan Gurney wrote.
“This will provide jobs and housing for Detroiters, and allow the county to take care of its infrastructure needs.
The plan is the first of its kind in the U.S. and will allow for future projects to follow.”
Detroit Free Presse Reporter Dan Grewal told Breitbart News the county will get a $100 million loan from the Federal Emergency Management Agency (FEMA) to begin construction of the Boustect project.
“It will be a huge boon to Detroit,” he said.
“And it will help the county pay down the debt to make up for the land sale.”
The land will be divided into 12 parcels of about 1,000 acres.
Each parcel will be assigned a number and an address.
A county administrator will then go through the process of assigning the parcels to each local landowner to build a house or apartment.
Grewa added, “This is a huge win for the county, and I’m proud of it.”
Grews article goes on to note that “Boustead is a prime example of the kind of public-private partnerships that are emerging in the country.”
He added, “[It] is a unique case of a county making a public-public partnership, with private investment and federal funding.
It’s an example of how Detroit is able to leverage its vast natural resources, to make public investment in areas like transportation and infrastructure, without a dime in taxpayer money.”
Grown Up Farm News reporter Dan DeRose told Breitbart the project will allow “local government to work together, rather than compete.”
“It’s a win for Detroit, for the region and for all taxpayers,” he explained.
“A county that has been struggling to rebuild its infrastructure and to create jobs in the last decade is able, with the help of the private sector, to help fund that rebuild.”
Gawker writer Joe Boudreaux told Breitbart that the Bontect land sale was a “huge win for taxpayers,” and a “big win for a city that desperately needs help in rebuilding its public-housing stock.”
Boudeaux added that the project also helped Detroit build “a massive new housing complex on the Detroit River, complete with high-end apartments, retail, restaurants and other amenities.”
The Bontead land sale, like the other major land sale deals across the country, will be in the process, with construction beginning soon.
“I am proud to have helped make this historic land sale happen, but it won’t be happening for many years,” said Stafford County Mayor Jim Folsom.
“We will work with federal officials and county commissioners to help build this historic project to the best of our ability.”
The Stafford County Land Purchase was approved in March 2017 by the county board of commissioners, with a vote of 6-1.
“Detroit is a great city, but its citizens are hurting as a result of the economic downturn,” Folsam said.
The Stafford Land Purchase is being spearheaded by the Wayne County Land Bank, which is responsible for the management of the city of Detroit.
The Detroit Land Bank is the sole owner of the Stafford County land, and has been trying to build housing and infrastructure in the city since it was created in 2002.
The county is seeking to purchase the land in order to “address long-term debt and help build up its economy,” as well as “to attract and retain new residents.”
Detroit has had a land-depleted and underfunded city since the mid-1980s.
The area’s population has dropped from nearly 11.3% to 5.8% in just over four decades.
Folsoms job-creation plan is also a major factor in the development of the Wayne Community Development Corporation, a city agency responsible for development, housing, and transportation projects.
Detroit has seen its population increase by more than 500,000 people in the past four decades, while the number of homes has dropped by nearly 150,000, according to the Wayne Department of Housing and Community Development.
The number of jobs in Detroit has fallen from a high of 2.3 jobs per household