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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 disagree. Completely. (0+ / 0-)

    You assume the Emergency Manager's Proposal for Creditors is a path to restructuring. I do not. This proposal does not list any of Detroit's assets. What bankruptcy petition doesn't list assets? Assets aren't listed because, when they put up the 'trial balloon' of selling DIA art, there was an uproar. And the DIA is just the tip of the iceberg. Noone can tell me they don't already know what the assets are, that's not believable. The pension liabilities are inflated, period. 20,000 pensioners could be near wiped out in six months. Income from the DOT will be absorbed into the State. Income from the Water Supply will be absorbed into the State. Study after study in city after city, over decades, has shown that sports arenas are not viable public investments. Detroit was told the same thing when gambling casinos wanted gambling on a referendum. You list the riverfront development? I was personally involved in that when it was the Renaissance Center. It was a disaster.
    Maybe it's where you're coming from:

    ...one friend bought an entire warehouse for a song and converted part of it into a loft, the rest he used for his art and band practice.
    Maybe we'll feel more positive if we all just buy entire warehouses.
    •  Do I believe my own lying eyes? (1+ / 0-)
      Recommended by:
      SoCalSal

      Yes, I do.  All of your points are valid, and I agree with your sentiment.  But having a landmark, a magnet for money flowing into the city instead of out of it, money that otherwise would have gone somewhere else, is a positive to me.  

      Odds and ends about life in Japan: 1971wolfie.wordpress.com

      by Hatrax on Fri Jul 26, 2013 at 08:56:54 PM PDT

      [ Parent ]

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