The public-private financing of Detroit

Will we allow this continue in the Detroit area ?

LC Arena for example
Private financing: $538.8 million
Public financing: $324.1 million
Previously captured taxes: $34.75 million
Original public bonds: $250 million
New public bonds: $34.5 million
Estimated net closing costs &debt service new bonds: $4.85 million
Total cost: $862.9 million

investigation of how the Ilitch family's much-ballyhooed 50-block
District Detroit development around Little Caesars Arena
has not nearly materialized as promised after they
got $200M of public money for LCA

Quote:

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Originally Posted by O3H

Will we allow this continue in the Detroit area ?

LC Arena for example
Private financing: $538.8 million
Public financing: $324.1 million
Previously captured taxes: $34.75 million
Original public bonds: $250 million
New public bonds: $34.5 million
Estimated net closing costs &debt service new bonds: $4.85 million
Total cost: $862.9 million

investigation of how the Ilitch family's much-ballyhooed 50-block
District Detroit development around Little Caesars Arena
has not nearly materialized as promised after they
got $200M of public money for LCA

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Your numbers don't add up but I agree with you in spirit.

I implore an investigative journalist to take this on. Start with the corporate ties of the MEDC and DEGC membership, please.

Perhaps the folks over at Crain's - via the Real Estate section - ?

@kirkpinhoCDB & @Bill_Shea19's investigation :

property-development/special-report-district-detroit-five-years-later

https://twitter.com/ChadLivengood/status/1102215374999879680

LC Arena for example
Private financing: $538.8 million
Public financing: $324.1 million
Total cost: $862.9 million
+
Previously captured taxes: $34.75 million
Original public bonds: $250 million
New public bonds: $34.5 million
Estimated net closing costs &debt service new bonds: $4.85 million

..........maybe .........someday............it will amount to real money......?

Can someone break down what all these numbers mean in lay mans terms? What are the original bonds compared to the new bonds? Is that good or bad?