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View Diary: Detroit Emergency Manager Approves Go-Ahead on New $450 Million Sports Arena (247 comments)

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  •  nope (9+ / 0-)

    The Stadium will be paid for by the State issuing bonds
    The money to pay for the bonds will be the revenue from  increased property taxes around the stadium area.

     THe idea is that once the stadium is built then the property around the stadium will increase in value and therefore pay higher property taxes.

     These increased property  taxes won't go into the Detroit general fund  but will be used to pay the bonds.

    So basically the state is grabbing Detroit property taxes before they get to the Detroit General Tax Fund.

     

    "Although it is not true that all conservatives are stupid people, it is true that most stupid people are conservative." - John Stuart Mill

    by smartone on Fri Jul 26, 2013 at 01:41:05 PM PDT

    [ Parent ]

    •  As of now... (9+ / 0-)

      Almost all the land on which this will be built sits vacant. There are a few homeless shelters and flophouses but there isn't much that generates any tax revenue to speak of, at present.

      I'd be curious about what happens to Joe Louis Arena, the current Red Wings venue. That arena is owned by the City of Detroit.   Currently, it generates income for the City (as in $$) from concerts and sporting events.

      As I see it, this deal effectively makes this city-owned asset worthless.  Plus there's the question of whether it will sit empty (like the Michigan Train Station?) or will be torn down?  If torn down, who pays for that?

      The Bankruptcy Court will need to approve all this.

      But yes, I see how this stinks, as in why does my grandma have to eat dog food due to her pension getting cut while the City is foregoing tax revenue to subsidize billionaires and their playgrounds.

      "Unseen, in the background, Fate was quietly slipping the lead into the boxing glove." P.G. Wodehouse

      by gsbadj on Fri Jul 26, 2013 at 02:45:03 PM PDT

      [ Parent ]

    •  A new shiny stadium will more than (5+ / 0-)

      pay for itself by stimulating development, bringing people to town, etc.  That scam has been around for decades.

      •  You can ride the #7 line past Citi Field in Queens (2+ / 0-)
        Recommended by:
        ChemBob, 88kathy

        for a demonstration of how well that works.

        (Not my photo.)

        Outside Citi Field

        Let us all have the strength to see the humanity in our enemies, and the courage to let them see the humanity in ourselves.

        by Nowhere Man on Fri Jul 26, 2013 at 09:25:50 PM PDT

        [ Parent ]

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