Bankrupt Detroit building new Red Wings Stadium

[AZRedhawk44]

http://www.mlive.com/business/detroit/index.ssf/2013/07/650_million_detroit_red_wings.html#incart_river_default

Are you effing serious?

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.

Translate:

I will gladly repay you next Tuesday, for a hamburger today.

Borrowing against future tax raises (tax increment financing).


I've got an idea:

There's $365.5 million in private investment isolated for this project.  The current cost of the actual arena is $450 million.

How about you build a $365.5 million dollar arena, the city not get in financial bed with this situation, and if the arena actually turns out to be a good idea then other businesses will follow into your bullscat theoretical $200 million residential/retail/office district around the thing anyways.



All you sports teams need to take a flying stab at a rolling donut, subsidizing your stadiums on the backs of taxpayers.  You have a $50 million / year payroll.  Finance your home on a 30 year mortgage, like the rest of us do.

[MillCreek]

All you sports teams need to take a flying stab at a rolling donut, subsidizing your stadiums on the backs of taxpayers.  You have a $50 million / year payroll.  Finance your home on a 30 year mortgage, like the rest of us do.

Seattle is notorious for rolling over for the local sports teams to subsidize building new stadiums/arenas for them.  You see all these articles in the paper about the 'positive economic impact' that the Seahawks or Mariners have, and it would be an economic disaster if the teams left for greener pastures.  Good riddance, I say.

[eyebrows]

All you sports teams need to take a flying stab at a rolling donut, subsidizing your stadiums on the backs of taxpayers.  You have a $50 million / year payroll.  Finance your home on a 30 year mortgage, like the rest of us do.

I've always admired the Green Bay Packers because they pay for their own way.

[Frank Castle]

I've always admired the Green Bay Packers because they pay for their own way.

Plus it's outdoors stadium !!

[AZRedhawk44]

Seattle is notorious for rolling over for the local sports teams to subsidize building new stadiums/arenas for them.  You see all these articles in the paper about the 'positive economic impact' that the Seahawks or Mariners have, and it would be an economic disaster if the teams left for greener pastures.  Good riddance, I say.

It's a "positive economic impact" for the construction companies that graft off the government teat.

It's a gorram liability to the actual tax base.

Especially when the pro leagues all take turns being primadonnas and threaten to leave a city, a couple years after that city builds yet another $500 million to $1 billion stadium for these spoiled @$$holes.

[Boomhauer]

*expletive deleted*ing sports worshiping bullshit

[roo_ster]

A wholly privately-funded arena offers insufficient opportunities for graft.

[tokugawa]

I just loved it when they blew up the Kingdome, well short of the payoff date and one year after they spent a few million on fixing the roof.  And the "economic impact" seems to largely consist of turning Pioneer square into a series of sports bars and NFL gear shops.
 
 

[seeker_two]

Seattle is notorious for rolling over for the local sports teams to subsidize building new stadiums/arenas for them. .

Dallas/Arlington and Houston, too. As well as any Texas town with a high-school football team.


I'm just astounded to think that anyone would go to Detroit for a hockey game....