Mich. board OKs new Red Wings arena in Detroit
Mich. board OKs new Red Wings arena
LANSING, Mich. ó A state board has given the go-ahead for a new Red Wings arena in downtown Detroit that will be partially paid for with tax dollars.
The Michigan Strategic Fund Board on Wednesday unanimously approved the Downtown Development Authorityís request to use economic development taxes for the project. The board also signaled the intent to issue bonds to build the arena.
The project includes $450 million for the arena and another $200 million for nearby developments designed to connect downtown to midtown. Fifty-six percent of the cost is private and 44 percent public.
Gov. Rick Snyder and others defended using public money at a time Detroit is in bankruptcy proceedings and canít deliver basic services.
Snyder says itís part of investing in Detroitís future and sending a message to investors.