The public-private financing of Detroit

[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

[bust]

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

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.

[O3H]

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......?

[JonWylie]

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?