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Old 07-23-2015, 07:23 AM
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So, this could go in hockey talk (since this is about Detroit), but I think it could lead to a broader discussion, so lets stick it here.

Quote:
Gov. Rick Snyder on Wednesday sided with a review team’s finding that a financial emergency exists in Wayne County.

Snyder’s determination comes after the independent financial panel issued its decision on Tuesday.....

“Chronic financial crises will only grow worse, and the possible solutions will be far more difficult, if the crisis is not addressed immediately. Restoring Wayne County to a secure financial foundation will ensure residents will continue to get the services they need.”
http://www.detroitnews.com/story/new...unty/30530369/



So, why do I mention hockey with this? Well, about that new Red Wings Stadium:

Quote:
That money will be backed in part with public dollars. All told, the $650 million development is to be funded with a mix of $365.5 million in private investment and an estimated public investment of $284.5 million.
http://www.mlive.com/business/detroi..._ilitch_d.html

Quote:
In May 2012, it was reported that the Red Wings had hired HKS, Inc. and NBBJ to design a new arena for the team, which would replace the 33 year-old Joe Louis Arena as their home ice.[10] Joe Louis Arena is owned by the City of Detroit and leased to Olympia Entertainment, a subsidiary of the Red Wings' parent company, Ilitch Holdings, which has full operational control. In contrast, the new arena will be owned by the city's Downtown Development Authority and its land will be leased to Olympia and the Red Wings for 95 years, rent-free.[1] Sales of game tickets, parking, concessions, souvenirs, and any potential naming rights deals will not be subject to revenue sharing with the City of Detroit as they are with Joe Louis Arena. The city earned an average of $7 million per year through these revenue sharing agreements.
http://en.wikipedia.org/wiki/Detroit_Events_Center



Sports are really getting out of control in our country. Jon Oliver did a ridiculously good job summing a lot of this up, including the laughable amount of money we spend as tax dollars on this stadium compared to things that could truly innovate and improve our lives.:

+ YouTube Video
ERROR: If you can see this, then YouTube is down or you don't have Flash installed.

Last edited by BurnTHalO; 07-23-2015 at 07:27 AM.
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Old 07-23-2015, 08:02 AM
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Really wish there would be more hardliners among politicians when it comes to stadiums. That Detroit deal and the deal Miami made with the Marlins are robbery.

And in the case of Miami, the moment you as a city who is being asked to fund their massive project ask to see the books and they say "No" you tell them to leave and find funding elsewhere.
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Old 07-23-2015, 08:47 AM
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Yeah if everyone stood their ground on this issue it would stop. But everyone caves in to the blackmail so it never ends because they can always threaten to go to another sucker.
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Old 07-23-2015, 11:51 AM
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Originally Posted by Hoek View Post
Yeah if everyone stood their ground on this issue it would stop. But everyone caves in to the blackmail so it never ends because they can always threaten to go to another sucker.
Yep, precisely this.

Hope they're still holding firm on this in Canada, cuz once that particular corporate handout starts, there's NO stopping it.
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Old 07-23-2015, 05:37 PM
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Quote:
Originally Posted by BurnTHalO View Post
So, this could go in hockey talk (since this is about Detroit), but I think it could lead to a broader discussion, so lets stick it here.
I don't disagree with your basic premise at all, but Wayne County's financial emergency isn't necessarily directly relevant to the new Red Wings arena. The public financing for that project is going through the Downtown Development Authority (city of Detroit) and Michigan Strategic Fund (state).
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Old 07-24-2015, 08:43 AM
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Originally Posted by The Great Zo View Post
I don't disagree with your basic premise at all, but Wayne County's financial emergency isn't necessarily directly relevant to the new Red Wings arena. The public financing for that project is going through the Downtown Development Authority (city of Detroit) and Michigan Strategic Fund (state).
I don't have a problem with the public financing, those funds are meant to better the infrastructure and community and if they feel a new arena will do that then so be it. The problem I have is the deal Illitch strong armed them into. They get to stay rent free for almost a century and they keep ALL revenue from EVERY event hosted there.
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Old 07-24-2015, 08:47 AM
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Quote:
Originally Posted by ChaseSpace View Post
I don't have a problem with the public financing, those funds are meant to better the infrastructure and community and if they feel a new arena will do that then so be it. The problem I have is the deal Illitch strong armed them into. They get to stay rent free for almost a century and they keep ALL revenue from EVERY event hosted there.
That''s where the Oliver piece really comes into play.

Thanks Zo, didn't put it together they were different.
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