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View Diary: Detroit Emergency Manager Approves Go-Ahead on New $450 Million Sports Arena (247 comments)

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  •  I just love this part. (7+ / 0-)

    Pony up people.

    The arena will be paid for with a $450 million bond issue that will be repaid over the next 30 years. Taxpayers will be paying almost two-thirds of the cost of the arena -- $283 million -- and private developers will cover the rest. Including interest, it's projected that there will be a total of $444 million in taxpayer funds spent on the project.
    Michigan taxpayers pay $444 million for a new hockey rink, while Detroit goes bankrupt?
    Yeh, Gov. Synder, like your campaign slogan said, you're one tough nerd.
    As in fucking nuts.
    •  While they sell of the Arts Institute. It's (6+ / 0-)

      obscene.

      Apparently it's hands off on Detroit, it's the People's problem now... This is not only going to stand, but it's going to be the new normal.  

      Democracy - 1 person 1 vote. Free Markets - More dollars more power.

      by k9disc on Fri Jul 26, 2013 at 11:16:34 AM PDT

      [ Parent ]

    •  Amazingly, just 3 paintings (0+ / 0-)

      could pay for the public's part of the stadium. In another thread I posted:

      Article says three of the paintings could sell for over $150 million each.  It's easy to see how enticing that would be when you're trying to get out of a hole.  

      Thousands of people may only get 10% of their retirement if what I've read is true.  Selling some may allow them to raise that percentage.

      http://www.businessweek.com/...

      •  10%??? (1+ / 0-)
        Recommended by:
        schnecke21

        How on earth are people going to live on $2000 or $3000 a year? Remember, these people don't have social security. They'll be living under bridges.

        Ed FitzGerald for governor Of Ohio. Women's lives depend on it. http://www.edfitzgeraldforohio.com/

        by anastasia p on Fri Jul 26, 2013 at 02:38:14 PM PDT

        [ Parent ]

      •  It's like selling your seed corn. (1+ / 0-)
        Recommended by:
        schnecke21

        Maybe they should make the sports team owners pay a huge license fee for the right to use the city's name and facilities.  I've heard that 18 out of the 32 NFL owners are billionaires.  These guys can well afford it.

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