Detroit Keeping It Real!

[ONW]

http://money.cnn.com/2013/07/26/news/economy/detroit-bankruptcy-arena/index.html?hpt=hp_t3

Priorities be damned and never trust a man named Kevyn with money!

"Detroit's financial crisis hasn't derailed the city's plans to spend more than $400 million in Michigan taxpayer funds on a new hockey arena for the Red Wings."

" Kevyn Orr, the emergency manager he appointed to oversee the city's finances, to stick with the plan. Orr said Detroit's bankruptcy filing won't halt the arena plans."

"Additionally, Orr wants to make deep cuts to both the pensions and health care coverage promised to city employees and retirees."

 

[PhDeac]

Geez I thought it was $300M.

 

[silk]

I got a $1.00 that says, if Detroit builds the arena that it costs over500 mil

 

[avalon]

Geez I thought it was $300M.

The cost contributed by the government is just under $300MM, the $400MM+ includes the interest paid over the life of the bonds that are being issued to fund that amount.

I think this, from the article, is misleading:

"The schools won't lose a dollar," said Robert Rossbach, spokesman for the Detroit Economic Growth Corp., the non-profit agency overseeing the project. "It was designed to have minimal impact on city of Detroit operations."

Yes, they won't "lose" a dollar. But, from what I've read, the revenue stream being used originally went to education. The funds were diverted for a 20 year development project that just completed this year. So the team owners and politicians can make the argument that the money isn't coming from new taxes and isn't taking money from other areas, but it is money that could otherwise be used for education.

 

[PhDeac]

So the schools won't get a dollar.

Thanks for keeping us informed, Avalon.

 

[wake20]

Karl Welzein ‏@DadBoner 19 Jul
Whoa. Guess Detroit's all outta bread. Kinda concerning?

Karl Welzein ‏@DadBoner 19 Jul
Don't know how Detroit's broke. They got the Tigs, Wings, AND Lions. Gotta be bank flowin' in. What the crap'd they blow all the dough on?

Karl Welzein ‏@DadBoner 19 Jul
Detroit needs a fundraiser. Have Kid Rock and Bob Seger play for a couple days on 10 story speakers you could hear for miles around? Man.

Karl Welzein ‏@DadBoner 19 Jul
Detroit should have street kids go into other cities to sell candy bars "for their basketball team" before school starts back up.

Karl Welzein ‏@DadBoner 19 Jul
If Detroit has to close up shop for good, everybody drivin' a foreign car should hang their head in shame for a few days, you guys.

Karl Welzein ‏@DadBoner 19 Jul
Babes dig a bad boy with a real American auto. Not some corncob in an import, blarin' their Maroon Fives, wavin' & grinnin' like a doofus.

Karl Welzein ‏@DadBoner 19 Jul
Them Prius's might be better to "save the planet" or some crap, but is the planet really worth Detroit's death? They do SUCH a great coney.

Karl Welzein ‏@DadBoner 19 Jul
Sure, drivin' a Prius is chill if you're ok with datin' babes who wear loose slacks and only do tight lipped peck smoochin'.

Karl Welzein ‏@DadBoner 19 Jul
Guess I'd get me a Prius if I planned on keepin' it solo and lonely in the babe department for the rest of my life. Not my style though.

Karl Welzein ‏@DadBoner 19 Jul
As far as I'm concerned, "IMPORT" is just another word for "TRAITOR." Think that might be in a Springsteen song, you guys.

Karl Welzein ‏@DadBoner 19 Jul
Next time you consider an automobile, ask yourself, "Could I see Bob Seger havin' a song in the commercial?" There's your answer.

Karl Welzein ‏@DadBoner 19 Jul
Detroit should hire Stone Cold as muscle for Bob Seger, then just walk around Detroit sayin, "Clean up your crap, 'cause Bob Seger said so."

Karl Welzein ‏@DadBoner 19 Jul
Maybe Detroit could just tear down all them old buildings and put in a bunch of golf courses? The revenue'd be off the chain.

Karl Welzein ‏@DadBoner 19 Jul
Love to help out Detroit, but I'm low on cash 'til Harper Columns comes hot 'n ready with my free Camaro and that cool million.

Karl Welzein ‏@DadBoner 19 Jul
It's tough to help out others, when you're still waitin' on receivin' your own free crap to help yourself first, you guys.

 

[redwing42]

Most of that hockey money is probably coming from the suburbs anyway.

 

[BobStackFan4Life]

Insane