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The Business of Hockey Discuss the financial and business aspects of the NHL. Topics may include the CBA, work stoppages, broadcast contracts, franchise sales, NHL revenues, relocation and expansion.

Wings' new home to be Little Caesars Arena (20 yr term, avg $6.25 MM/yr)

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Old
06-02-2017, 10:30 PM
  #76
cupcrazyman
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K106.3 in Sarnia is calling the new arena " The Pizza Box "

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06-08-2017, 10:48 AM
  #77
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Lawsuit seeking to block Little Caesars Arena public funding moves forward

To quote:

"A federal lawsuit seeking to block public funding of the Little Caesars Arena and a new Pistons headquarters has moved forward after an emergency hearing was held Tuesday following a Detroit City Council vote to provide millions of dollars in tax incentives for part of the project.

Government transparency advocate Robert Davis, who filed the lawsuit along with Detroit City Clerk candidate D. Etta Wilcoxon, said the hearing, which was before Judge Mark Goldsmith, set a hearing date for June19, one day before the city council is expected to vote on an additional $34.5 million in public funding tied to the arena project."

Source: http://www.freep.com/story/news/loca...ove/370545001/

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Old
06-13-2017, 01:43 PM
  #78
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Who didn't see that lawsuit coming. The wings played dirty by making it appear that they couldn't afford to foot the bill alone, got public money and then brought the pistons on board. If the pistons were on board before they asked for free money they would've been laughed at. It's even more sad when you look at how crappy that city is doing in every aspect.

North American pro sports business is such a joke, it's almost as bad as the American farm and military industries.

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06-13-2017, 03:07 PM
  #79
Fugu
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Quote:
Originally Posted by syc View Post
Who didn't see that lawsuit coming. The wings played dirty by making it appear that they couldn't afford to foot the bill alone, got public money and then brought the pistons on board. If the pistons were on board before they asked for free money they would've been laughed at. It's even more sad when you look at how crappy that city is doing in every aspect.

North American pro sports business is such a joke, it's almost as bad as the American farm and military industries.
Syc, you should review the funding of the entire project. Olympia owns the land and paid the bill for the arena. The state of Michigan is using its money from a downtown development fund for the other buildings, so it's not "free money" to the Wings whatsoever. The city of Detroit did not contribute one red cent. Furthermore, the construction work was promised to Detroit residents to some degree as well.

Now, I disagree that governments should get involved whatsoever, but in this case it does appear that it's something that can help Detroit bring in more spending.

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06-19-2017, 02:12 PM
  #80
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Attorney: Suit to block funding for Pistons move 'would kill the project'

To quote:

"A lawsuit seeking to block public funding for the Little Caesars Arena and Pistons move downtown, would effectively "kill the project," an attorney for the city of Detroit and other entities named in the suit argued before a federal judge today.

"This case is of enormous magnitude," said attorney David Fink before federal Judge Mark Goldsmith, who may rule at some point today on an emergency injunction to block funding. "In fact, ultimately, it can have an adverse economic impact across the state of Michigan. ...This would be more than a bump in the road.""

Source: http://www.freep.com/story/news/loca...suit/408431001

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06-19-2017, 07:04 PM
  #81
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It is already built.. so this is to stop the pistons from moving there?

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06-19-2017, 09:24 PM
  #82
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5$pizza and 5$ tickets!!

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06-20-2017, 10:24 AM
  #83
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http://wtvbam.com/news/articles/2017...-pistons-move/

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06-20-2017, 11:39 AM
  #84
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Originally Posted by PhillySharks View Post
Holy toledo, that is one heck of an overrun on cost. Maybe they should name it the F-35 arena?

And I cannot see the judge having any power to overturn law voted on by the voters as he did. He can only rule the law as being invalid as a whole, not pick and choose.

Oh well, there goes money that would have went to teaching kids, and pensions of teachers, but instead to rich people.

Why is this at the federal level court system and not the state?

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06-20-2017, 03:05 PM
  #85
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http://wtvbam.com/news/articles/2017...-pistons-move/

Not sure these figures make sense to me:

Quote:
The cost for the arena has increased from $450 million to $862 million and public funds are expected to pay for 38-percent of the construction.

I thought the original arena estimate was $450 MM, and then another $200 MM for the other buildings/complex? Is this blurb saying just the arena price more than doubled? That sounds quite beyond belief.

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06-20-2017, 04:00 PM
  #86
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It's ****ing Detroit, what else would you expect?

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06-20-2017, 08:23 PM
  #87
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Quote:
Originally Posted by Atticus Finch View Post
It's ****ing Detroit, what else would you expect?
Detroit didn't control the construction, design, or anything else. Olympia and the state of Michigan were covering the costs. So how did the "arena" cost double?

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06-20-2017, 08:42 PM
  #88
The Zetterberg Era
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Quote:
Originally Posted by stator View Post
Holy toledo, that is one heck of an overrun on cost. Maybe they should name it the F-35 arena?

And I cannot see the judge having any power to overturn law voted on by the voters as he did. He can only rule the law as being invalid as a whole, not pick and choose.

Oh well, there goes money that would have went to teaching kids, and pensions of teachers, but instead to rich people.

Why is this at the federal level court system and not the state?
The state funds this used are not available for that. You can get into that but money earmarked for large scale urban development. People criticizing the use of state funds to develop and connect the only two parts of Detroit that are doing well and the largest housing project around it to happen in decades in the city I question.

Read what Fugu said. I don't fault people who are against public funding in any facet. I am a little tired of people not even understanding where the funding is coming from and how it was earmarked to begin with.

Quote:
Originally Posted by Fugu View Post
Syc, you should review the funding of the entire project. Olympia owns the land and paid the bill for the arena. The state of Michigan is using its money from a downtown development fund for the other buildings, so it's not "free money" to the Wings whatsoever. The city of Detroit did not contribute one red cent. Furthermore, the construction work was promised to Detroit residents to some degree as well.

Now, I disagree that governments should get involved whatsoever, but in this case it does appear that it's something that can help Detroit bring in more spending.
Luring the Pistons after the fact is just more dates and money to the city as well. I doubt it is as small as 34 million either...

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Old
06-20-2017, 09:32 PM
  #89
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Quote:
Originally Posted by Fugu View Post
http://wtvbam.com/news/articles/2017...-pistons-move/

Not sure these figures make sense to me:

Quote:
The cost for the arena has increased from $450 million to $862 million and public funds are expected to pay for 38-percent of the construction.
I thought the original arena estimate was $450 MM, and then another $200 MM for the other buildings/complex? Is this blurb saying just the arena price more than doubled? That sounds quite beyond belief.
Flirting dangerously close to copyright but wanted the context of the following for quickview purposes

From June 4th

Quote:
An early memorandum of understanding between the Downtown Development Authority, the public entity that owns the arena, and the Olympia Entertainment Events Center outlined a number of soft deadlines both parties hoped to reach in March.

When asked about the project's timeline Thursday, Duggan told the Free Press that he was "not aware of any missed deadline."

"They came out of City Council committee meeting last week and its scheduled for full council by June 6," Duggan said, adding that he had just had dinner with Tellem to discuss the project.

But a point of contention for some community members and officials has been the amount of public financing that would be tied to the project.

The DDA has amended its district boundaries several times, most recently in 2013, to accommodate the catalyst development project and district, which covers a nearly 45-block area from Grand Circus Park to Charlotte between Woodward and Grand River.

The DDA, which was created in 1978, issued two series of 30-year bonds totaling $450 million in 2014.

A new DDA amendment proposal that council is to vote on Tuesday would issue an additional $34.5 million in bonds to support the Pistons' relocation. Since the 2013 plan amendments, the estimated cost of the project has increased from $450 million to $862 million. The project is anticipated to be 62% privately funded and 38% publicly funded.

The DDA is expected to capture $726 million in school property tax revenue through 2051. The money will be used to pay off the public investments including bonds and interest in the $862-million arena and the surrounding development district.

Detroit Public Schools Community District spokeswoman Chrystal Wilson said that the new school district does not levy taxes and receives full funding from the state. The capture would impact the former DPS district, which is millions of dollars in debt.

"DPS pays operating and capital debt and will not be able to collect taxes in the arena area (Catalyst Project) until the bonds issued for the project are paid in full," Wilson said in an e-mail.

Through a brownfield redevelopment plan that is also slated to go before council Tuesday, the DDA will also capture about $1.5 million in taxes from the Detroit Public Library, according to a legislative policy report given to City Council, and more than $1 million will be captured from Wayne County Community College District. In total, more than $24 million in local and school taxes is set to be collected via the Brownfield plan to reimburse PS&E.
http://www.freep.com/story/news/loca...eal/368136001/

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