The Ilitch family’s Olympia
Development arm presented the plan Tuesday to the state Senate panel, who, in a
5-0 vote, approved the proposition. According to Rep. John Walsh of Livonia,
the Senate panel’s approval will allow Olympia Development to apply for almost
$13 million in funds from the Detroit Downtown Development Authority.
John Walsh, an attorney at
Fausone Bohn, LLP in Northville, Michigan, is the legislative sponsor.
The development plan would
include a new hockey arena for the Detroit Red Wings, one to replace the Joe;
however, the arena would be combined with a multipurpose events center. Walsh
stated that the proposed center would be located near the Fox and Comerica Park – creating a new retail,
residential, and mixed-use commercial district.
The proposed project is estimated
to have quite an impact on Detroit ’s
economy, both during its construction and after its opening. The project would
create approximately 5,500 jobs for the arena construction, while construction
of the mixed-use commercial district would create another 2,750 jobs. After its
opening, Olympia Development estimates that the multipurpose events center
would bring 1,100 jobs and upwards of $210 million in annual economic impact to
the city of Detroit
– a boost the city seems to so desperately need. Detroit Mayor Dave Bing states
that the proposed project could be “a vital contribution to a more vibrant
downtown,” one that could lead to a stronger economy.
The project, however, is
dependant upon the approval of $12.8 million from Detroit ’s Downtown Development Authority. Detroit ’s DDA taxes
businesses for such bond and development projects. The “repurposing of existing
revenue” is not a tax increase, Walsh said.
The project, especially its
long-term impact, could positively affect the city. The proposed project could
increase the desirability of living in Detroit ,
drawing more residents into core areas of the city. The Ilitch family may be
onto something in an attempt to revitalize the city of Detroit .
To learn more and read the
original article, please visit: http://www.detroitnews.com/article/20121205/BIZ/212050366/Ilitch-proposes-650M-arena-district-project?odyssey=mod|newswell|text|FRONTPAGE|p
No comments:
Post a Comment