Probably not the best time to build a new hockey arena funded 44% by the public. Typically, the old "building this will create jobs and raise tax revenues" story is being told:
When asked why taxpayers and city employees should support public funds for a sports arena at a time when Detroit is bankrupt, Snyder defended the use of MSF-issued bonds.
The arena project “should increase the tax base of the city longer term, and should increase the employment opportunities for Detroiters,” he said. “So this should create a better environment for Detroit long term, and that will be better for all of us.”
W. Howard Morris a Detroit accountant and Snyder appointee to the MSF board, was the only board member to ask the state and Ilitch officials why this is a good deal for taxpayers. Mark Morante, of the Michigan Economic Development Corp., said the new arena would spur other activity “in our signature city (Detroit), on its signature spine (Woodward Avenue) to connect downtown and Midtown.”
If all this greatness is going to come from building a new stadium on the backs of broke residents, why not just build three or four new "entertainment" venues, like performing arts complexes, casinos, and art museums. Why not just buy and build your way out of bankruptcy? No wonder Motown is broke.
I don't normally have a problem with public funds going towards new stadiums and arenas, but financing in that manner while the City is bankrupt makes zero sense.
