DETROIT (CBS DETROIT/ AP) — Nearly $17 million in tax incentives were announced by Michigan economic development officials for a downtown Detroit building that is set to serves as Chemical Financial Corp.’s headquarters.

The 20-story structure will go up after demolishing a vacant office building near Grand Circus Park.

It was announced Tuesday by the Michigan Economic Development Corp., that developers will get a reimbursement through the capture of local and school taxes over 30 years.

Chemical Bank has said it will add roughly 500 workers to Detroit and plans to keep 500 employees in Midland, its original base.

It’s reported city officials are expected to vote on up to $12.7 million in tax breaks over 10 years for the project and they expect it will provide a roughly $10 million benefit to the city and $5 million to Wayne County.

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