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 city’s 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 ...
From the article: “The city’s 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...
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