Found July 24, 2013 on Next Impulse Sports:
Good news citizens of Detroit. Your city might be bankrupt but at least you’ll have a brand spanking new NHL arena in the neighborhood a few years from now. The Michigan Strategic Fund has approved $450 million worth of bonds that will finance the construction of a $650 million project that just so happens to include a new arena for the Red Wings. The project is also aimed at investing another $200 million in a 45 block area around downtown and midtown. The instant reaction to this type of news tends to be confusion. How can a city finance such a thing after filing for bankruptcy? Governor Rick Snyder did his best trying to justify it, claiming that it would create 4380 new construction jobs, increase the tax base of the city long term and increase employment opportunities. Basically, the long term effects of improving the area will help the city get back on its feet. The arena should be completed by 2017 and would cost $450 million (58% would be public funding, 42% private) while s...
THE BACKYARD
BEST OF MAXIM
AROUND THE WEB
RELATED ARTICLES

Red Wings mid-day news: on Cleary, Brunner, retiring numbers and scouting the Panthers

The Red Wings are theoretically going to stand pat for the next month or two, save re-signing Joakim Andersson and Gustav Nyquist, anyway, as the Wings are "capped out" and are sitting at the 50-man roster limit (no news as to whether signing Tom McCollum to an AHL-only deal removes him from the team's 50-man roster yet). During a chat on the Free Press's website...

Talking Brunner And Cleary

Anshar Khan of Mlive answered some questions regarding Damien Brunner and Dan Cleary.... On Brunner... It's highly doubtful that Brunner will return. He was seeking a multiyear deal worth around $3.5 million a season. The Red Wings offered two years at $2.5 million per season. They were hesitant to offer more to a player with no track record in the NHL (just 44 games)...

Mich. board OKs new Red Wings arena in Detroit

A state board has given the go-ahead for a new Red Wings arena in downtown Detroit that will be partially paid for with tax dollars. The Michigan Strategic Fund Board on Wednesday unanimously approved the Downtown Development Authority's request to use economic development taxes for the project. The board also signaled the intent to issue bonds to build the arena. The project...

Red Wings overnight report: Howard, DeKeyser and Jarnkrok look forward; prospect and charitable gnus

Team USA made things official and stated that they would not be skating at their orientation camp on August 26th and 27th, meaning that every one of the "big" Olympic-participating nations save the Russians don't plan on skating at all because ofthe stratospheric cost of insuring players' contracts... But Red Wings goaltender Jimmy Howard spoke with both MLive...

Red Wings overnight report: on awful timing, Andersson, Tatar and rules of enagement

I'm guessing that the tenor of the comments section of late has reflected general reactions to the news regarding the Red Wings follow-on-rink's funding--at times venomous and downright nasty, which is understandable "in the spirit of the thing," but not so acceptable when it's your damn blog and your readers are being mean to each other. So the playground...

$650 million Red Wings arena project clears another public financing hurdle

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...

Let’s just say that the Red Wings’ rink proposal won’t be derailed by Detroit’s municipal bankruptcy

We're apparently still waiting for this to go down, but the Detroit News's Louis Aguilar reports that Michigan governor Rick Snyder's makig a public show of support for the Red Wings' rink and economic development project today in Lansing: Gov. Rick Snyder will tout the $650 million new hockey arena and 45-block entertainment district Wednesday afternoon as evidence...

New Red Wings arena in Detroit OKd

A state board on Wednesday unanimously gave the go-ahead for a new Red Wings hockey arena in downtown Detroit to be paid for in part with tax dollars as the broke city works through bankruptcy proceedings. Gov. Rick Snyder and others defended against potential criticism that the $650 million project should be entirely financed with private money because the city can't provide...

Red Wings overnight report: on the follow-on rink, Datsyuk and Alfredsson

I'd like to begin this entry with some clarification regarding the Michigan Strategic Fund's approval of over $450 million in bonds to help finance the Ilitches' follow-on rink and the surrounding economic development: At this point, there's no doubt that the concept of diverting $12.8 million per year for the next...Uh...30 years or so..."To help fund a zillionaire...

New Red Wings Hockey Arena to Receive Tax Dollars Despite City Being Bankrupt, Concerns About Basic Services

LANSING, Mich. — A state board unanimously gave the go-ahead Wednesday for a new Red Wings hockey arena in downtown Detroit to be paid for in part with $284 million in tax dollars even as the broke city works through bankruptcy proceedings. Michigan Gov. Rick Snyder and others defended against criticism that the $650 million project should be financed entirely with private money...

Wings Trio Invited to US Camp

As we wait for more UFA news to trickle in...I thought it would be a good idea to keep you abreast of the US National Team developments. But only because we have three players from the Detroit Red Wings organ-i-zation that have received invites to the camp. 1 Forward 1 Defenseman 1 Goalies I would assume that the goalie was an obvious one...as Team USA will actually...

More details of Ilitches’ rink/development plan emerge as $450m in bond sales approved

On Wednesday afternoon, the Michigan Strategic Fund approved the sale of a total of $450 million in bonds to help defray the cost of the Ilitches' proposed follow-on rink rplacing the Red Wings' current home, Joe Louis Arena, as well as surrounding economic development. The Detroit Free Press's Tom Walsh confirms... Continue reading "More details of Ilitches...
Today's Best Stuff
For Bloggers

Join the Yardbarker Network for more promotion, traffic, and money.

Company Info
Help
What is Yardbarker?

Yardbarker is the largest network of sports blogs and pro athlete blogs on the web. This site is the hub of the Yardbarker Network, where our editors and algorithms curate the best sports content from our network and beyond.