Skip to comments.State Agency OKs Bonds For New (Detroit) Red Wings Arena
Posted on 07/24/2013 2:58:27 PM PDT by Libloather
DETROIT (WWJ) A new hockey arena for the Detroit Red Wings got another step closer to reality Wednesday with Michigan Strategic Fund Board approval of $450 million in bonds for the structure.
State officials said the overall project, which includes a total of $650 million in arena costs and retail, residential and restaurant development around the arena on 45 acres, would create 4,380 construction jobs.
The citys bankruptcy is not expected to interfere with the project, which backers said consists of 56 percent private investment from Olympia Development and 44 percent public financing from tax capture in the Detroit Downtown Development Authority area.
(Excerpt) Read more at detroit.cbslocal.com ...
It ain’t happening : )
There ain’t no Tax capture in Detroit!
Agreed, I’ve been all over my senator and rep about this.
It would probably be cheaper to move both the Red Wings and Pistons into Ford Field anyway.
Makes sense. Detroit pensioners have to be entertained somehow... hockey’ll be perfect
Hey, they got Joe’s Fist downtown. I’ve always enjoyed a good fight. The hockey is just “gravy on the biscuit”.
We don’t need one. It’s a hockey game, all the history is at the Joe, I see no reason to leave it.
Sure there is.... if the stadium accepts EBT cards.
Build it outside city limits (but not as far away as the Siverdome was....).
The citys bankruptcy is not expected to interfere with the project...
I grew up in Michigan. I left in 1980. I've never regretted it: the more stupid mistakes people make there, the more stupid mistakes they repeat... and repeat... and repeat.
Perfect! Shovel-ready union jobs to the rescue! Obama can give yet another self-serving speech on his way to Communist America 2016.
No responsible investor would willingly buy bonds from that dead metropolis. This is as much a slap in the face to capitalism and free markets as it is precisely the wrong thing to do.
Can’t they share The Palace of Auburn Hills with the Pistons?
I always thought it ironic that the sport that appeals to suburbanites played its games downtown, and vice versa.
“I always thought it ironic that the sport that appeals to suburbanites played its games downtown, and vice versa.”
Red Wings are downtown to attract Canadians.
We have a top class arena only used by a semi-Pro hockey team if the Red Wings want to move.
Call Buffalo, NY!
That’s the ticket, new $650 Million hockey arena for Detroit. That’ll fix the social and economic problems. That Million fifty thousand people that left will probably start moving back. I might even take a Janurary vacation in Detroit and go to hockey game or two.
The Puck Stops Here ping.
Actually when it comes down to it Detroit can’t be beat for availability of sporting events. There’s the Detroit Grand Prix, powerboat racing, air racing, sailboat racing.
From the article: “The citys bankruptcy is not expected to interfere with the project, which backers said consists of 56 percent private investment from Olympia Development and 44 percent public financing from tax capture in the Detroit Downtown Development Authority area.”
You just can’t make this stuff up.
You can’t make it up. “44 percent public financing from tax capture..” I think that money might better be spent on fixing the streets and putting more cops out on patrol to help clean up neighborhoods that they abandoned in the past. You don’t clean those neighborhoods up, you gonna have something that resembles the Robocop movies.
Public funding of this stuff is so wrong
“I think that money might better be spent on fixing the streets and putting more cops out on patrol to help clean up neighborhoods that they abandoned in the past.”
You should re-examine your premises. You’re implicitly assuming that the political leadership in Detroit is at all interested in delivering anything of value to the denizens of their city.
It’s about the only time there’s a majority white crowd in Detroit, is at the Red Wings games.
I always thought it was ironic that the white guy sport was played at the Joe Louis in downtown and the homeboys played out in Auburn Hills.
All you need is an NFL team...
The Ilitch's get a 44% right down or cost share? That sucks, they want it so bad let them raise the Capital, or does some apparatus still functioning within the government to use the Soprano's vernacular, want a taste...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.