Ilitch Announces New Arena Plans
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12-05-2012, 03:40 PM
Join Date: Sep 2008
Originally Posted by
You're probably right. One way they may be able to sell it is if it actually doesn't create new taxes; and if the amount isn't very large. $12 MM doesn't
terrible, but it still is public money. I don't know what/where that development fund was going towards, so at a minimum it is a diversion.
Still, on principle, I would prefer if these businesses that invest in the project that provides all those jobs just made it a private enterprise. Pay your property taxes like the rest of us do. The public shouldn't have to give money back from one coffer since it gets money in the sales and income tax categories. These businesses should be able to recoup their money if there is a demand for the shops, apartments, services, etc., housed therein (especially if you set the ultimate price points at a level that will allow you to recoup on your investment). The thing that ends up happening is that more than needed is done, or the costs rise because there is some public contribution.
Couldn't they use the public money as a loan that is paid off with interest over time?
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