BIPI proposes to lease a small portion of Detroit’s nearly 1,000-acre island Belle Isle for the resort, which will have minimal noise and environmental impact.
As part of the proposed lease agreement, BIPI will operate, renovate and manage Belle Isle for the City of Detroit at BIPI’s sole expense, saving the city an estimated $180-$240 million over the initial 30-year lease period. The City of Detroit will receive annual revenue from BIPI.
There will be no entry fee to the island for Detroit residents.
"Our goal for Belle Isle is to provide Detroit with a world-class destination for families and a first-class regional draw for tourism while saving millions in operating and capital expenses for the people of the City of Detroit," said Michael Moodenbaugh, former Boblo Island owner and proposed managing partner of BIPI. "Under the umbrella of a win-win, public/private partnership, many organizations can work together for the common goal of realizing the long-term master plan for Belle Isle.
“The people of Detroit and future generations will be able to continue to enjoy free access to Belle Isle and see it reach its full potential as envisioned by its famous chief architect, Frederic Law Olmsted, who was also the chief architect of New York City’s Central Park.”
Moodenbaugh continues to pursue ongoing development discussions with local government officials, planning commissioners, and tourism officials. Belle Isle Partners, Inc. will pay 100 percent of the financing and improvements for the development and Belle Isle improvements. Neither the community nor the state will bear any costs.
A key priority of these discussions is assessing systems and processes to ensure a positive impact on the community’s natural resources, including the local waterways and Belle Isle conservancy efforts. Moodenbaugh is dedicated to seeking out various sustainable efficiencies for the new development, and to using green technologies wherever viable, for lasting benefits to the local environment.
BIPI is dedicated to supporting local charities, outreach programs, schools and fundraising activities.
"We have high expectations of success for this project, and we’re eager to bring this plan to life," Moodenbaugh said. "We're looking forward to our continued work with members of the Detroit community as we strive to revitalize Belle Isle, create new jobs, make significant economic impact to greater Detroit, and provide an unmatched island and entertainment experience to the Detroit region."
Key terms of the proposed project:
• $100-$110 million BIPI capital investment for Phase 1 of the development.
• $6.0-$8.0 million saved annually by City of Detroit through entering public/private partnership.
• $500,000 to $1 million annual revenue paid to City of Detroit for proposed profit sharing of Belle Isle events.
• $180 million fundraising campaign for Belle Isle park capital improvements as recommended in the “Master Plan for Belle Isle prepared in 2000 by Hamilton Anderson Associates for the City of Detroit.” BIPI commits to a minimum of $50 million in capital improvements over the first lease period.
• $310 to $500 million in projected economic impact to the greater Detroit Metro area upon reaching 1 million in park attendance.
• 200-400 full-time jobs created for residents of Detroit.
• 800- 1000 Seasonal jobs created for residents of Detroit.
• $0 cost to the City of Detroit for proposed development.
• $0 cost to Detroit residents for entry to Belle Isle.
For more information contact:
Belle Isle Partners Inc.
Robert Barnard –COO