Public cost of arena tied to biz taxpayers

Public cost of arena tied to biz taxpayers | Crain's Detroit Business: "
"General Motors Co. and other downtown corporations will be the chief funders via their property taxes of the public portion of the $650 million Detroit Red Wings arena and entertainment district under a plan announced last week.
Detroit's Downtown Development Authority intends to use $284.5 million in property taxes captured within its 615-acre downtown district to pay off bonds issued by the state to build the 18,000-seat arena at Woodward Avenue and I-75.
GM has the largest taxable value within that district, and it and other corporations, along with small- and medium-sized property owners, will foot some of the arena's bill through property taxes. 
.....What's different here is that Detroit doesn't have the ability to issue bonds, and the state is doing that," he said.
Zimbalist also said he's surprised at the public-private ratio of the project costs.
"It seems like they could have leaned on Ilitch a little bit more here. He's done pretty well with that franchise and he's got deep pockets," he said. "