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The unenhanced rating of the Detroit Downtown Development Authority, which is a tax increment district in the city's downtown area, is lowered to 'BBB' from 'A-'. In addition to the continued savings from the retirement program and cash flow from the property tax, the district should receive surplus revenue produced by a tax increment district in the Village of Homewood. Proceeds will be loaned to the City of Cleveland to pay for the construction costs of certain public improvements within a downtown tax increment district. |
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