Financing plan for new Red Wings arena approved - DC News FOX 5 DC WTTG

Financing plan for new Red Wings arena approved

Posted: Updated:
The site of the proposed complex The site of the proposed complex
(WJBK) -

The Detroit City Council approved two measures on Friday that would allow the Ilitch family to build a $450 million sports complex north of I-75 and west of Woodward Avenue. But the Council stopped short of approving an ordinance that would transfer ownership of the land.

VIDEO: Click on the video player above to watch the report from Fox 2's Alexis Wiley, or read the story below

The meeting was packed Friday as the Detroit City Council considered the next step for a proposed $450 million new complex that would include an arena for the Red Wings and an entertainment complex.

Every public dollar invested in the project is expected to generate a 14 dollar return, and the cash-strapped city isn't investing a dime from its general fund. There are plenty who say it's a win-win.

"That's creating a ton of jobs and it's creating lot of tax revenue as it relates to the income taxes," says George Jackson from the Detroit Economic Growth Corp.

But plenty of Detroiters and council members question whether the new arena project will actually benefit the people who live in this city. City Council voted on ordinances to expand the boundaries of the downtown Detroit Authority's District and allow it to capture the taxes in the area to help fund the project. But the Council decided to hold off on transferring city land until it gets some guarantees.

"We're very pleased that Council heard that the community is requesting that, if they move forward with the expansion of the DDA, which they did today, that there would be an opportunity for the community to be able to sit at the table as equal partners and negotiate benefits," says Detroiter Mary King.

"I want an assurance that Detroit residents and Detroit-based businesses will be included in the process long term," says City Council President Saunteel Jenkins.
 
"I think it's extremely important to work with Council. They represent the people and we're going to be responsible. I'm going to assure you, and I'm sure that Olympia Development will also be responsive to whatever issues we have to address," says Jackson.

The newly-elected City Council will vote on the land swap this upcoming February.

  • Download the FOX 2 Apps


  • FOX 2 News Five-Day Forecast
  • Local NewsLocal NewsMore>>

  • Renisha McBride's family leaves courtroom as photos are shown

    Renisha McBride's family leaves courtroom as photos are shown

    Thursday, July 24 2014 6:29 PM EDT2014-07-24 22:29:16 GMT
    On day two of the trial for Renisha McBride's shooting death, the final hours of her life and the moments after her death were detailed in court. Thursday the jury heard what Ted Wafer, her accused killer, told police about the shooting that night.  
    On day two of the trial for Renisha McBride's shooting death, the final hours of her life and the moments after her death were detailed in court. Thursday the jury heard what Ted Wafer, her accused killer, told police about the shooting that night.  

  • Romulus teen dies after crashing car during police chase

    Romulus teen dies after crashing car during police chase

    Thursday, July 24 2014 5:43 PM EDT2014-07-24 21:43:30 GMT
    An 18-year-old man is dead after a police chase ended in a crash. The chase ended on Beverly Street in Romulus.
    An 18-year-old man is dead after a police chase ended in a crash. The chase ended on Beverly Street in Romulus.
  • Science lover looking for a place to call home

    Science lover looking for a place to call home

    Thursday, July 24 2014 5:34 PM EDT2014-07-24 21:34:22 GMT
    Right now, about 300 children in Michigan are waiting to be adopted. Many of them are teens.One of the is Marvin, whose love for science goes to infinity and beyond. He's been in foster care for a long time but he still dreams of finding a place to call home.
    Right now, about 300 children in Michigan are waiting to be adopted. Many of them are teens.One of the is Marvin, whose love for science goes to infinity and beyond. He's been in foster care for a long time but he still dreams of finding a place to call home.
Powered by WorldNow

WTTG FOX 5 & myfoxdc
5151 Wisconsin Ave. NW
Washington, DC 20016
Main Number: (202) 244-5151
Newsroom: (202) 895-3000
fox5tips@wttg.com

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices