Detroit council OKs measures for hockey arena Print
Written by Admin   
Friday, 20 December 2013 13:06
NHL Headline News

 DETROIT (AP) - The Detroit City Council on Friday approved two measures tied to the development of a new Red Wings hockey arena and entertainment complex just north of downtown.
The boundaries of the Downtown Development Authority district were expanded to include land where the project could be constructed. A tax financing plan also was green-lighted.
However, the six-member board postponed a vote on the transfer of city-owned land for the project until February.
''Those are very important issues that just don't get approved easily, expanding a DDA district and also the tax increment financing plan and things of this nature,'' said George Jackson, Detroit Economic Growth Corp. executive director.
Jackson said all sides would move forward to resolve the land transfer issue.
Council members want to make sure Detroit residents will have the opportunity to work on jobs created by the project.
''We all want this to happen. It's our job to make sure Detroiters are a part of that,'' said Council President Saunteel Jenkins.
Detroit Tigers and Red Wings owner Mike Ilitch has long said he wanted a replacement for the Wings' Joe Louis Arena. Plans for the new arena and entertainment district were announced earlier this year. The arena would take up eight blocks of the 45-block district.
Under the plan, the city's Downtown Development Authority would own the arena and event center complex, while Olympia Development would have exclusive rights to use, manage and operate it, and hold naming rights.
The Michigan Strategic Fund would issue $450 million in bonds to build the events center, which would include the 18,000-seat hockey arena. The money would be paid back with public and private funds. No new tax money will be used from Detroit, which on Dec. 3 became the largest U.S. city to file for bankruptcy.
The Red Wings would move from 32-year-old Joe Louis Arena to the new facility. The state has said it would pay for the demolition of Joe Louis Arena along the Detroit riverfront.
The Downtown Development Authority last week approved a management deal with Olympia Development, which is owned by the Ilitch family.
 

NHL Team Pages

Top NHL Public Bets

#1 2 Nashville Predators 85%
#2 53 Chicago Blackhawks 66%
View All: NFL |  NBA |  NCAAF |  NCAAB |  MLB |  NHL

NHL Futures

NHL TEAM CUP FINALS ODDS CURRENT
CHICAGO BLACKHAWKS 7/1
PITTSBURGH PENGUINS 8/1
BOSTON BRUINS 9/1
LOS ANGELES KINGS 10/1
ST LOUIS BLUES 10/1
TAMPA BAY LIGHTNING 11/1
ANAHEIM DUCKS 12/1
MONTREAL CANADIENS 14/1
MINNESOTA WILD 16/1
VANCOUVER CANUCKS 16/1
View All

Privacy Policy | Terms of Service | Contact Us | Advertising | 888-99-SPREAD

THIS IS NOT A GAMBLING SITE – If you think you have a gambling problem click here.

Disclaimer: This site is for informational and entertainment purposes only. Individual users are responsible for the laws regarding accessing gambling information from their jurisdictions. Many countries around the world prohibit gambling, please check the laws in your location. Any use of this information that may violate any federal, state, local or international law is strictly prohibited.

Copyright: The information contained on TheSpread.com website is protected by international copyright and may not be reproduced, or redistributed in any way without expressed written consent.

About: TheSpread.com is the largest sports betting news site in the United States. We provide point spread news, odds, statistics and information to over 199 countries around the world each year. Our coverage includes all North American College and Professional Sports as well as entertainment, political and proposition wagering news.

©1999-2013 TheSpread.com