Ilitch Announces New Arena Plans
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12-09-2012, 10:45 PM
CONTROL THE BEAST
Join Date: Nov 2005
Location: La Vieille Capitale
Originally Posted by
I suppose one could do lots of things, but the details are difficult to find at this point. All we know so far is that the development fund would be used as security for the construction costs; and that an exemption for property taxes is being sought. Mind you, I know that's fairly typical for companies claiming to be bringing jobs to a community. Speaking for myself, I simply don't like the use of public funds in arena financing.
Metro Detroit has about 5.5 million people, and one of the richest counties in the country (Oakland County). While the auto industry has weakened, there are still billions of dollars floating around the region. Two Big Ten universities are housed within that metro region (UofMich, MichState), adding tens of thousands of jobs to their cities-- profs, staff, hospitals/clinics/doctors, and of course the money students bring in... easily 100K students between the two schools, iirc. Last year,
U of Michigan ranked as the second highest recipient in research funding
($1.24 billion-ish), just behind Johns Hopkins-- out of all US universities.
If what you say is true, why not abandon Detroit outright from a business standpoint and build the arena in another city in Michigan?
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