State development officials say no delay in new Detroit arena district financing
State development officials disputed a report today that a key vote on public financing for Detroit's new $650-million arena district has been delayed.
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#1 Aug 28, 2013
At first glance this seems like another boondoggle for the public to support 58% of what many expect should be 100% privately financed. They sell 30 year bonds and the money to repay comes from concessions, parking and taxes on the business property. It should be self supporting based upon this theory. As long as the city is not covering any overages in building costs or shortfalls in revenue, the city wins by having the development. The devil is in the details. Let's hope they get it right.
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