$500M fund to help Detroit neighborhoods, pay tax debt
The effort is kicking off with $15 million to pay off the property tax debt of 20,000 of the city's poorest homeowners. The $15 million Detroit Tax Relief Fund will leverage existing state and local programs that eliminate or reduce property tax bills, then pay off the remaining tax bill. It will be administered by a local nonprofit that also will provide counseling to homeowners to keep them out of future property tax debt. “It’s a problem that is ... massive and it's contagious.”Quianna Sims is one of the Detroit homeowners who will have their tax debt paid off. ___This story has been updated to correct that the Detroit Tax Relief Fund is only the $15 million that will pay off the property tax debt.
Dan Gilbert’s Rocket shares rise 70% as newest Reddit target
A Rocket Companies sign is displayed on the exterior of the New York Stock Exchange, Thursday, Aug. 6, 2020, in New York. Shares of Rocket Companies, parent of Quicken Loans, began trading Thursday during the Detroit company's IPO at the NYSE. Quicken is the largest retail mortgage originator in the U.S. (AP Photo/Mark Lennihan)DETROIT – The stock price of Rocket Companies, parent company of Dan Gilbert’s Quicken Loans, shot up more than 70% over the last 24 hours after the company became the newest “meme” stock of Reddit. Rocket reported stronger-than-expected fourth-quarter earnings last Thursday, which impressed some Wall Street analysts. More: GameStop’s saga may be over; its effect on Wall Street isn’t
Michigan businesses rethink political donations after deadly riot at U.S. Capitol
If it’s money that talks in politics, then Michigan businesses are speaking loudly. On Thursday, the Detroit Regional Chamber of Commerce announced its political action committee (PAC) is reevaluating who it gives its money too. In 2020, the chamber gave more than $20,000 in donations to candidates on both sides of the aisle, including Rep. Lisa McClain, voted to object the election results in Pennsylvania and Arizona. All of the companies rethinking their donations don’t contribute on their own, rather through action committees or other subsidiaries, but it is their voice in politics. Other major Michigan companies like Lear, Whirlpool and Kellogg’s have not said whether they’ll be suspending donations or changing how they spend their political dollars, but pressure is on.
Families attend first night of drive-in theater in Downtown Detroit
DETROIT – A new attraction in Downtown Detroit from Bedrock and Emagine is providing families entertainment during the coronavirus pandemic. Several families pulled up to the Monroe Street Drive-In Powered by Emagine on Friday in the Campus Martius area. READ: Bedrock, Emagine partner for drive-in movies in Downtown DetroitEmagine Entertainment CEO Anthony Laverde said the movie of the night was the 1993 film Jurassic Park. The drive-in movie attracted the Brooks family to come down. READ: Pop-up drive-in theater coming to Downtown Detroit“We’ve been cooped up for so long.
Bedrock, Emagine partner for drive-in movies in Downtown Detroit
DETROIT – A new drive-in movie theater experience is coming to Downtown Detroit. Bedrock and Emagine have partnered for the Monroe Street Drive-In Powered by Emagine, which will offer drive-in films for $20 per vehicle starting this month. Monroe Street Drive-In will operate in partnership with Emagine Entertainment, with showtimes every Thursday, Friday, Saturday and Sunday at 7 pm, starting Jan. 22. Initially, Bedrock has reserved January 22, 2021 as a complimentary special pre-screening for local Detroiters at the Monroe Street Drive-In. SHOWTIMES & THEATER INFORMATIONMonroe Street Drive-In Powered By Emagine will feature a 60x32 ft digital projection screen on the site of the future Monroe Blocks development at 32 Monroe Street, Detroit, MI 48226.
Winter Blast Weekend 2021 in Downtown Detroit canceled due to COVID-19
DETROIT – Winter Blast Weekend organizers announced that the 2021 event has been canceled due to COVID-19 concerns. The event has been held in Downtown Detroit for the past 16 years. The coronavirus pandemic has led to many events being canceled or postponed. Winter Blast is focusing on programming for 2022. “The health and safety of our guests, sponsors and stakeholders is our top priority and we hope for positive developments in treatments or a vaccine that will hopefully allow larger special events to happen later in 2021,” Witz said.
Quicken Loans IPO gets lukewarm reception
DETROIT – The much talked about Rocket Mortgage initial public offering took flight Thursday and the launch was not as bright as initially intended. ORIGINAL STORY: Quicken Loans IPO debuts at $18 a share, below expectationsRocket founder Dan Gilbert and CEO Jay Farner kicked off the trading day before going on CNBC to discuss the merger in Gilbert’s first national television appearance since his stroke. “We think we are a tech company that happens to do loans. “We’re up to 2,500 technologies to build what you experience.”RELATED: What does Quicken Loans plan to go public mean for city of Detroit? The stock started out at $18 a share and investors bid it up to just under $21 by the close.
Quicken Loans IPO debuts at $18 a share, below expectations
DETROIT – Detroit-based Quicken Loans debuted their IPO on the New York Stock Exchange on Thursday with a lower-than-expected opening share price of $18. Rocket Cos., the parent company of Quicken Loans, will offer public shares for the first time this week, but it will be smaller than originally reported. Quicken Loans quickly grew from a start-up to one of Detroit’s largest employers. Gilbert is already worth roughly $7 billion, but his wealth could expand more with the move to make Quicken Loans public. Investment banker Sheldon Stone, of Amherst Partners, said a Quicken Loans initial public offering could mean a lot for the city of Detroit.
Quicken Loans files paperwork for initial public offering under name ‘Rocket Companies’
Quicken Loans quickly grew from a start-up to one of Detroit’s largest employers. What does its plan to go public mean for the city of Detroit? It appears that’s about to change because in an initial public offering, at some point people will be able to buy partial ownership -- shares of stock in Quicken Loans. Gilbert is already worth roughly $7 billion, but his wealth could expand more with the move to make Quicken Loans public. Investment banker Sheldon Stone, of Amherst Partners, said a Quicken Loans initial public offering could mean a lot for the city of Detroit.
Report: Quicken Loans is planning to go public
DETROIT – America’s largest mortgage lender, Quicken Loans, is planning an IPO, according to reports. According to CNBC, billionaire Dan Gilbert’s company has filed paperwork that let it go public by next month. Quicken Loans is working with Morgan Stanley, Goldman Sachs, Credit Suisse and JPMorgan to manage the deal, CNBC reports. The value is expected to be in the tens of billions of dollars worth. Gilbert founded Quicken 35 years ago and eventually moved its headquarters to Downtown Detroit where he has built a real estate empire.
'Living Legend' Stanley Clarke returns to the Detroit Jazz Festival
DETROIT - The Detroit Jazz Festival Foundation proudly presents Stanley Clarke as its artist-in-residence for the 2019 Detroit Jazz Festival presented by Quicken Loans. His musical accomplishments, perennial career and commitment to the perseverance of jazz have unequivocally positioned him as a 'living legend'," said Chris Collins, president and artistic director of the Detroit Jazz Festival. In 2011, he was honored with the highly prestigious Miles Davis Award at the Montreal Jazz Festival for his entire body of work. He and his wife, Sofia, established The Stanley Clarke Foundation fourteen years ago as a charitable organization, which offers scholarships to talented young musicians each year. About the Detroit Jazz Festival FoundationThe Detroit Jazz Festival Foundation is an independent, non-profit organization that presents jazz and educational workshops throughout the year.
Dan Gilbert returns to Detroit to continue recovery following stroke
DETROIT - Quicken Loans Chairman Dan Gilbert has returned to Detroit to continue his recovery from a stroke, the company confirmed. Gilbert returned to the city Friday to continue his rehabilitation, officials said. While at the hospital, Gilbert, 57, suffered a stroke and was treated and moved to recovery in the intensive care unit, officials said. He was discharged from the hospital June 19 to continue his recovery at an inpatient rehab center, Quicken Loans CEO Jay Farner said. READ: Dan Gilbert 'responsive and resting comfortably' after strokePrevious coverageCopyright 2019 by WDIV ClickOnDetroit - All rights reserved.
Dan Gilbert records video for Quicken Loans employees as rehab for stroke continues
DETROIT - Quicken Loans Chairman Dan Gilbert recorded a video for employees as he continues to recover and rehab following a stroke. "As Dan continues his rehabilitation and makes progress toward his recovery, yesterday he recorded a brief video to share his gratitude with our company's 17,000 team members who have set numerous records through the second quarter and beyond," Quicken Loans officials said in a statement. While at the hospital, Gilbert, 57, suffered a stroke and was treated and moved to recovery in the intensive care unit, officials said. He was discharged from the hospital June 19 to continue his recovery at an inpatient rehab center, Quicken Loans CEO Jay Farner said. READ: Dan Gilbert 'responsive and resting comfortably' after strokePrevious coverageCopyright 2019 by WDIV ClickOnDetroit - All rights reserved.
Quicken Loans: 1,300 open positions in Downtown Detroit
Quicken Loans has announced it recently finished the best quarter in its history and is currently hiring. The company says it has 1,300 open positions at its headquarters in Downtown Detroit. They include mortgage bankers, underwriters, account executives, software engineers and paid interns. If you're interested in applying for one of the open positions you can visit the company's website. Copyright 2019 by WDIV ClickOnDetroit - All rights reserved.
Quicken Loans: 1,300 open positions in Downtown Detroit
Quicken Loans has announced it recently finished the best quarter in its history and is currently hiring. The company says it has 1,300 open positions at its headquarters in Downtown Detroit. They include mortgage bankers, underwriters, account executives, software engineers and paid interns. If you're interested in applying for one of the open positions you can visit the company's website.
United Shore in Pontiac to hold job fair as company plans to expand
PONTIAC, Mich. With Quicken Loans in Downtown Detroit, Flagstar in Troy and United Shore now in Pontiac, southeast Michigan has become a home to the nation's top mortgage companies. United Shore recently expanded into a massive facility, previously owned by Hewlett Packard, and General Motors before that. The company said it plans to keep growing. United Shore has already hired 1,400 people this year alone and they don't have any plan to slow down. The company is looking for people with a good work ethic to be part of its team.