The Official Arena Thread Part 6
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12-05-2012, 06:02 PM
Join Date: Oct 2012
Originally Posted by
I don't know that article seems quite similar to what we were told here back when this all started. Heavy private funds via Katz and some public. Which turned out to be what it is today.
Need more info as that article doesn't really say how much Ilitch is actually putting towards the arena.
Except Katz isn't even putting in "heavy private funds". Every penny is coming initially from the City. Even those sums which one could characterize as coming from him are actually coming via a loan the City is giving him, which is basically a zero sum game when you account for the bogus advertising the City will pay Katz, on top of the naming rights which the City doesn't get for a structure they own & have basically financed (which of course they don't get to tax). That is to say nothing of Katz's brand new "wants" such as the hi-rise he wants the City to commit to, the 6 mil a year & the Casino licence he wants gifted.
Call me crazy, but Im guessing Illitch has just a bit more integrity than Katz
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