Detroit has been hit hard by the ongoing economic claptrap that’s plaguing the global economy; the once-thriving oil-driven economy of the city is not fairing well. The city of Detroit is now looking to environmentally friendly sources of renewing their economy: farming.
Housing in Detroit is so cheap that it actually makes sense to tear down old lots and start planting!
Mr. Bing has long campaigned for a new master land-use plan that would rezone depopulated residential areas for other purposes, including farming. But after being sidetracked amid a fiscal crisis, city officials are now working on crafting a comprehensive farm policy that can satisfy investors like Mr. Hantz, residents, local activists and the state’s Right to Farm law, which limits municipalities’ power to regulate agriculture.
Hantz Farms officials acknowledge their self-funded venture would create few new jobs in the short term, and only modest revenue for Detroit. Hantz is offering only $300 a parcel, one-tenth of what city officials wanted. It has agreed to clear the land and demolish as many as 200 structuresâ€”at an estimated cost of more than $2 million, offset in part by tax credits and state assistanceâ€”before beginning to pay roughly $60,000 a year in taxes on the land.