Post by Owen on Nov 2, 2017 1:53:46 GMT
When they come to town and fleece the public on stadium deals or threaten to leave if they can't impose their financial demands. Again the Ilitch family & their love of Detroit.
TWENTY EIGHT YEARS EARLY
The Ilitch family's Olympia Development of Michigan said Wednesday it will pay off and privately refinance the $200 million in public bonds that helped pay to build Little Caesars Arena.
The payoff comes 28 years ahead of schedule for the 30-year bonds issued by the Michigan Strategic Fund as part of the financing deal to build the arena.
By paying off the public bonds early and refinancing the debt privately, the move strengthens the balance sheet of the Detroit Downtown Development Authority, which in turn gives the DDA more financial leeway to back other downtown projects.
The Ilitch organization, which had the burden of paying off the public bonds in annual payments, said its ability to refinance privately reflects market confidence in the future of the arena and the broader plans for The District Detroit, the name given to the complex of retail, residential and civic developments taking shape near the arena.
TWENTY EIGHT YEARS EARLY
The Ilitch family's Olympia Development of Michigan said Wednesday it will pay off and privately refinance the $200 million in public bonds that helped pay to build Little Caesars Arena.
The payoff comes 28 years ahead of schedule for the 30-year bonds issued by the Michigan Strategic Fund as part of the financing deal to build the arena.
By paying off the public bonds early and refinancing the debt privately, the move strengthens the balance sheet of the Detroit Downtown Development Authority, which in turn gives the DDA more financial leeway to back other downtown projects.
The Ilitch organization, which had the burden of paying off the public bonds in annual payments, said its ability to refinance privately reflects market confidence in the future of the arena and the broader plans for The District Detroit, the name given to the complex of retail, residential and civic developments taking shape near the arena.
