Detroit Update: On the Pistons Moving to Little Caesars Arena, and New Soccer Stadium

[corktownyuppie]

That's all wonderful, but "economic development" isn't a gift to rich people It's trading $1 in city money today for $2 in city money tomorrow. Who owns the arena? Not Illitch. Not Gores. It's the city. So they're converting city taxes into a city asset that generates more taxes.

Hey, if I can trade $100 in taxes today in exchange for $20/yr in new tax revenue every year going forward, you'd be dumb not to do it.

just connecting the dots my friend:

http://deadspin.com/detroit-scam-cit...-fo-1534228789



http://www.detroitnews.com/story/new...ized/87455048/

[EGrant]

That's all wonderful, but "economic development" isn't a gift to rich people It's trading $1 in city money today for $2 in city money tomorrow.

I get that and agree with you, but the argument is that the city shouldn't have to trade any dollars up front, when you have two billionaires involved. Yes, that ignores the nuances of the actual funding, but it's a point worth raising.

[emu steve]

I was in Detroit this week and had the opportunity to see all of the things happening around the arena*. I was impressed at how massive the development is, but also how well done. I loved seeing how the arena is 'encased' with other structures which negate the mass of the arena [[also the arena is much underground).

* Saw the Lions beat Vikings and EMU beat CMU to go 7 - 5 and part of the parade, etc. Great three days!!

[emu steve]

That's all wonderful, but "economic development" isn't a gift to rich people It's trading $1 in city money today for $2 in city money tomorrow. Who owns the arena? Not Illitch. Not Gores. It's the city. So they're converting city taxes into a city asset that generates more taxes.

Hey, if I can trade $100 in taxes today in exchange for $20/yr in new tax revenue every year going forward, you'd be dumb not to do it.

I was thinking of 'economic development' over the decades:

1). The Fox,

2). Comerica Park, home of the Tigers,

3). Ford Field, home of the DETROIT Lions,

4). Super Bowl,

5). Dan Gilbert goes big in Detroit,

6). LCA, home of the Red Wings,

7). LCA, home of the DETROIT Pistons

8). District Detroit, home of our four pro teams and maybe soccer, too.

I see a common thread in these seven or eight, namely, the economic development effects of pro sports in Detroit.

But, maybe more significantly, is the sequential nature of them and how the they all build on each other. Other than the Fox, all have/are happening within the last 20 years.