Originally posted on FOX Sports  |  Last updated 6/19/13
The Detroit Red Wings and city officials on Wednesday announced a $650-million plan for a new arena development for the NHL team in Detroit's downtown entertainment and sports district. Plans for the 18,000-seat arena were announced Wednesday at a meeting of economic development officials to approve the deal. Red Wings owner Mike Ilitch has long said he wanted a replacement for the 32-year-old Joe Louis Arena. The Red Wings said there will be $367 million in private investment and $283 million in public funds in the complex, which would also include residential, retail and office space. Developers said the public money would come from existing economic development funds and requires no new taxes or funds from the cash-strapped city, which is the largest in the country under state financial oversight. The city's Downtown Development Authority approved a memorandum of understanding with Wayne County, home to Detroit, and Olympia Development of Michigan, which is owned by Mike and Marian Ilitch. Mike Ilitch also owns the Detroit Tigers, and his family owns Little Caesars Pizza and downtown Detroit's Fox Theatre. The arena would be at Interstate 75 and Woodward Avenue, near the Detroit Tigers' Comerica Park and the Detroit Lions' Ford Field. Michigan lawmakers in December approved a measure allowing tax dollars collected by the Downtown Development Authority to be used for the development. The DDA has been allowed for nearly two decades to pay down Detroit's general obligation bonds with about $12.8 million a year that otherwise would have gone to education statewide. Developers and supporters of that legislation said it will create upward of 8,300 new construction jobs and pump $1 billion into Michigan's economy. Opponents counter that funding a private stadium with taxpayer dollars shouldn't be a priority, especially when that money was otherwise going to the School Aid Fund.
MORE FROM YARDBARKER

WATCH: LeBron James misses wide-open windmill dunk

Kevin Durant booed by Thunder fans during introductions

Jay Cutler misses practice due to concussion

Khalil Mack, Bruce Irvin do not practice a day after Norton's firing

Report: Chip Kelly leaning towards UCLA

LIKE WHAT YOU SEE?
GET THE DAILY NEWSLETTER:

David Lee feels Warriors’ dominance limited his free agent options

Patrick Beverley reportedly out for season after knee surgery

Top storylines for NFL Thanksgiving Day

Chiefs sign Darrelle Revis

John Elway developing reputation as coach-killer?

Report: Kelly reached agreement with Florida, can back out

The '303 yards and a cloud of dust' quiz

NBA Referee Hotline Bling: Kyrie Irving has unlimited range

Anthony Davis may never escape his biggest flaw

What each NFL team should be grateful for this Thanksgiving

NFL Week 12 predictions

College football Week 13 predictions

The 'Greatest show on flat Earth' quiz

NFL MVP Watch: Carson Wentz stands tall among the pack

Young Maple Leafs maturing their way to the NHL elite

The Eagles are soaring but to what heights?

2017 Week 13 college football players to watch

Sports & Politics Intersect: Is Jerry out of his league?

NHL News
Delivered to your inbox
You'll also receive Yardbarker's daily Top 10, featuring the best sports stories from around the web. Customize your newsletter to get articles on your favorite sports and teams. And the best part? It's free!

By clicking "Sign Me Up", you have read and agreed to the Yardbarker Privacy Policy and Terms of Service. You can opt out at any time. For more information, please see our Privacy Policy.

NBA Referee Hotline Bling: Kyrie Irving has unlimited range

The '303 yards and a cloud of dust' quiz

Anthony Davis may never escape his biggest flaw

NFL Week 12 predictions

NFL MVP Watch: Carson Wentz stands tall among the pack

The 'Greatest show on flat Earth' quiz

Young Maple Leafs maturing their way to the NHL elite

The Eagles are soaring but to what heights?

2017 Week 13 college football players to watch

The 'Wheelin' and Thielen in Minnesota' quiz

Today's Best Stuff
For Publishers
Company Info
Help
Follow Yardbarker