"Judge declares Detroit eligible for Chapter 9 bankruptcy"

[bobabode]

Orr says pensions on the table.
http://www.washingtonpost.com/blogs/...uptcy/?hpid=z1

[one1]

the working man just keeps getting screwed.Is it possible or can the United states file bancruptcy as a whole.Or would it even matter.

[bobabode]

At least the Red Wings will have a new venue, on the taxpayers backs.

[whell]

Originally Posted by bobabode

At least the Red Wings will have a new venue, on the taxpayers backs.

Just to be clear, I'm a huge Red Wings fan. But I'm not a fan of taxpayers footing the bill for new stadiums. However, just to be clear, Olympia Development, which is part of the Ilitch family's set of businesses that includes Little Caesars Pizza and the Detroit Tigers, will be putting over $365 MM into the project.

Also, its not just about a new stadium in this case. The city owns the current arena where the Red Wings play, Joe Louis Arena, and its a piece of crap compared to other venues. The site of the arena is also too far away from what is becoming a significant entertainment "district" within the city that includes Greektown, the casinos, Comerica Park, Ford Field, and numerous restaurants and shops. So, the city will also get to re-purpose the site that Joe Louis Arena sits on (which is right on the waterfront by the way), which will likely free up working capital and, if the property is sold, generate new revenue.

Further, the funds that Olympia Development is putting up is not just for the new arena. Its becoming a redevelopment project. From Crains:

"The hockey arena, which would be finished by 2017 and replace city-owned Joe Louis Arena, is part of a wider $650 million plan to create a 45-acre district that includes retail, residential, office and restaurant space on the venue site, located west of Woodward Avenue and I-75.

The 18,000-seat arena would have 1,200 premium seats, an attached 500-space parking garage and 10,000 square feet of retail space anchored by a Red Wings merchandise store, restaurants and other retail, according to the project plan.

Possible ancillary developments and infrastructure work the DDA and Olympia said are possible on the site include:
• An elevated pedestrian bridge over the Fisher Freeway, at Park or Clifford avenues.
• Widening the Woodward Avenue bridge over the Fisher Freeway.
• A 140,000-square-foot office and retail development at Woodward Avenue and Sproat Street.
• 25,000-square-foot office and retail project along Woodward.
• A hotel with 20,000 square feet of retail space.
• Several parking structures that would have ground-floor retail space.
• Renovation of the Detroit Life Building, Blenheim Building and 1922 Cass for retail, residential and office space.
• Surface parking lots.
• Streetscape projects."

One last point that is not insignificant: the Ilitch family are lifetime Detroiters. They were investing in Detroit when no one else would. They moved their company's headquarters into the city when everyone else was moving out. They bought and rehabilitated the Detroit Tigers franchise. They've purchased and rehabilitated a long stretch of Woodward Avenue which includes the Fox Theater, an absolutely stunning facility.

So, I'd suggest that, in this case, the old saw of "building an arena on the backs of the taxpayers" doesn't fit. The Ilitch family has established a long track record of investing in the city, both on their own and in partnership with City Hall. In this case, I'd suggest we get out of their way and let them continue to do what they do best, and the city will continue to accrue the benefits of their work in investments in the city.

[Charles]

Originally Posted by one1

the working man just keeps getting screwed.Is it possible or can the United states file bancruptcy as a whole.Or would it even matter.

I don't think the United States can file bankruptcy. However, we CAN continue to devalue the dollar, which is in essence the same thing.

Chas

[BlueStreak]

Originally Posted by one1

the working man just keeps getting screwed.Is it possible or can the United states file bancruptcy as a whole.Or would it even matter.

The Republicans have all of the answers to that one. Just ask Governor Walker. The weasel faced little bastard loves the workin' man.

Dave

[piece-itpete]

I've been discussing Detroit elsewhere. It's a freaking mess and will stay so until they do SOMETHING.

Pete

[djv8ga]

Now that they can clean up the mess, their real estate offerings are intriguing.

[BlueStreak]

Originally Posted by djv8ga

Now that they can clean up the mess, their real estate offerings are intriguing.

Grab it quick, the wolves are already there feasting on the carcass, buying up entire neighborhoods and clearing them.

Dave

[piece-itpete]

Rob, that's fantastic! I figure I'll die in the traces.

Originally Posted by BlueStreak

Grab it quick, the wolves are already there feasting on the carcass, buying up entire neighborhoods and clearing them.

Dave

You mean SOMEONE is going to do SOMETHING in Detroit?

Pete