United Wholesale Mortgage parent returns $1.9m brownfield tax break for new HQ

by Francis Monfort08 Oct 2018

United Shore Financial Services, the parent company of United Wholesale Mortgage, will be returning $1.9 million in brownfield tax breaks related to its new headquarters, according to a report by The Detroit News.

United Shore had relocated its 2,700 employees to new offices in Pontiac, Mich., in June. The company, which hires around 100 people each month, had grown too big for its 275,000-square-foot space in Troy.

The company has informed the economic development department of Oakland County of its decision.

“It has never happened in the history of the brownfield authority,” said Irene Spanos, director of economic development and community affairs. “That’s wonderful that it can be offered to services to our local taxpayers."

Spanos said the returned amount will be used for education, roads, health departments, and other uses after going into the general funds of the county and contributing jurisdictions. The Oakland County Brownfield Redevelopment Authority must approve rescinding the tax abatements.

In an interview with the publication, United Shore CEO Mat Ishbia said the decision comes from the company’s culture of emphasizing people.

“If we were going to spend this $85 million and not a penny different, why take money from the city, county or state or anyone?” he said. “That money can be used for better things. They weren’t asking us to do above and beyond, and therefore it wasn’t our money.”

It had appeared that the company needed to invest to make the property meet certain standards. However, soil treatments and environmental evaluations allowed all the work done on the site to be completed.

 

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