Comments Elsewhere

Fiscally responsible conservative government. http://blogs.wsj.com/moneybeat/2013/07/25/new-red-wing-stadium-should-be-unaffected-by-detroit-bankruptcy/ “Michigan’s state legislature approved Wednesday a $450 million bond offering that would form the public backbone of Ilitch’s Holding’s $650 million entertainment center and development district near the heart of downtown Detroit.” http://www.crainsdetroit.com/article/20130725/NEWS/130729909/detroit-taxpayers-to-fund-60-percent-of-red-wings-arena-plan-shows “Property taxes would pay for $261.5 million (58 percent) of the building’s construction cost while the team’s ownership would provide $188.4 million (42 percent), according to details provided by the state. . . . Those are July 2013 dollars based on bonds with a 5.91 percent interest rate. Critics have blasted the arena deal as unnecessary subsidies for a billionaire pro sports team owner in a city in municipal bankruptcy. Detroit’s state-appointed emergency manager, Kevyn Orr, has said the city’s recent Chapter 9 bankruptcy protection filing won’t affect the arena project.”