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Slap In The Face $650 Million Detroit Red Wings Arena Project Clears Another Public Financing Hurdle

As a MI resident this has got to be the biggest slap in the face I have seen in years.

Why should I pay for this horseshit? How obtuse to take public money and build a new colosseum amist the ruble of a bankrupt city.

DETROIT, MI - The $650 million development of a Detroit Red Wings arena and entertainment district in Midtown Detroit came a step closer to becoming a reality Wednesday.

The board of the Michigan Strategic Fund (MSF) approved a request from Detroit’s Downtown Development Authority (DDA) for the use of special tax increment revenues to fund the development, which is being led by Red Wings owner and Little Caesars Pizza founder Mike Illitch’s Olympia Holdings

Plans for the 18,000-seat, state-of-the-art arena and accompanying entertainment district were laid out in greater detail last month at a Downtown Development Authority meeting.

The $650 million development would be funded with a mix of $365.5 million in private investment and an estimated public investment of $284.5 million. Detroit Economic Development Corporation President and CEO George Jackson and city officials have been quick to stress that no money would come from the general funds of the financially beleaguered city or county.

Instead, the $450 million sports and entertainment center and accompanying $200 million residential, retail and office district is getting public money through tax increment financing. The MSF’s action on Wednesday also supports an issuance of $450 million in private activity bonds to finance construction.

City and state economic development officials continue to insist that the project should not be adversely affected by Detroit's bankruptcy filing. Last Thursday, the financially-strapped city filed for federal protection under Chapter 9 of the U.S. Bankruptcy code, making it the largest-ever municipality to do so.

The district of the proposed development encompasses a 45-block area roughly bordered by Charlotte Street to the north, Grand River to the west, Grand Circus Park to the south and Woodward Avenue to east. The actual 650,000-square-foot arena would be located on Woodward Avenue from Sproat to Henry Street, and west to Park Avenue.

More:

http://www.mlive.com/business/detroit/index.ssf/2013/07/650_...



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At all costs...

At all costs, we must keep 'them' entertained and distracted. Plus, we need the facilities to house 'them' when it happens.

I'm a serial entrepreneur and liberty activist from Texas!

www.RevolutionCarBadges.com
www.NonNetwork.com

Hockey is fading

Not many can afford it anymore due to price inflation.

This is a last gasp and to fill the coffers of the owners and politicians and local vendors.

I do not think the taxpayer should be subsidizing this.

How can I get a mega million dollar arena? lol

I would not attend any events there unless given free tickets and would not buy any food or drinks there...unless they would bring back a stadium like the Olympia as I think it was. Was never there but I would bet at least that place had character and did not feel like you were in some kind of a 'mausoleum'. :P

donvino

Statists: when 'failing upwards' is the only way to be

'socially up-mobile."

it's literally as if the statists zombies and their corporatist overlords never learn their lessons...from reality.

Predictions in due Time...
http://www.youtube.com/watch?v=zGDisyWkIBM

"Let it not be said that no one cared, that no one objected once it's realized that our liberties and wealth are in jeopardy." - Dr. Ronald Ernest Paul

The NHL is HUGE and getting HUGER...

NHL Woos Fans By Increasing Scoring With Bigger Nets, 3-Point Line


http://youtu.be/I7mekhFTrXM

Defeat the panda-industrial complex

I am dusk icon. anagram me.

Lol

Focky

For Freedom!
The World is my country, all mankind is my brethren, to do good is my religion.

yep

we've got a likely neo-con, Keynesian "nerd" of a gov. Until Feds cut off the spigot, he's content buying public bridges to Canada, stadiums, and probably would take up Krugman to be the state that is America's anti-alien attack laser hub.

They are absolutely ridiculous. Also, for your further outrage, note they are funding the Detroit Red Wings. One of the iconic sports franchises. Do you believe the Detroit Red Wings would leave Detroit? And go where? The suburbs? Nope. Not a chance with all the teams and action moving back to the city. The team has no leverage to demand any finance sweetheart deals, and is getting a deal any way.

The state has NO reason to fund this, and they are any way. Kind of an opposite take on that saying popularized by Mother Theresa. "If you are a Keynesian and like using other peoples money, but don't have a any reason to.... Do it any way."

to share on the Canda bridge topic...

the MI REPUBLICAN governor staged an all out assault on the one private (though highly regulated) bridge in Detroit to Canada...

"Why in the world should a private individual own "monopoly" profits", they asked.

Well my economically illiterate governor, you don't apparently know: 1) monopoly's are only created by the state, 2) there is a tunnel in Detroit that people can use IF the "monopolist" was abusing his privellage, 3) there are other bridges outside of Detroit for the same in #2, 4) there's no chance in hell he can charge whatever he wants like a monopolist with the government looking over his shoulder.

So, the MI so-called REPUBLICAN governor's biggest accomplishment? Demonizing the "monopoly" that government allowed a private investor, and demanding that government crush that investor by building another bridge (which will not taxpayer funded according to him, and probably won't "compete" with the "private" bridge... ha!).

Screw you taxpayer!


http://youtu.be/_8zzH5fhnxQ

Defeat the panda-industrial complex

I am dusk icon. anagram me.

Ever notice that sport

seems to be the new religion?
Even in New Zealand, cities seem to "have-to-have" an horrifically expensive covered stadiums, that will in time, drive them to bankruptcy.
It seems to be global.

The NHL likes revenue sharing so much

How about Toronto pays for this?

What....tha....f

uck?

Yup, the first thing I want to do when I go bankrupt is buy a McClaren with Platinum rims.

Jesus Christ. Up really is down these days.

If you don't know your rights, you don't have any.

Relax - the public funding will be through TIF...

or 'Tax Increment Financing' which is borrowing against future property tax revenues.

Once the stadium is built, businesses will rush in to buy the surrounding properties for retailing to all the hundreds of thousands of people living in the area, as well as all the new housing and luxury condos that will surely spring up.

Defeat the panda-industrial complex

I am dusk icon. anagram me.

fireant's picture

Public Private Partnership is just a smiley face version...

of fascism. And the same flag waving hand on their chest at rigid attention for the Anthem republiCONs are all for it!
In my area, they are giving mall developers kick backs from sales tax revenue, leaving existing malls at a distinct disadvantage. The Constitution demands a republican form of government, but the CONs just ignore it for the sake of "economic development". Not to mention, equal protection of the law is a joke. If left unchecked, this will not end well...

Undo what Wilson did

Whhaaaahahahahaha!!!!

:D

Séamusín

What's wrong with these people

It blows my mind

For Freedom!
The World is my country, all mankind is my brethren, to do good is my religion.