Detroit Red Wings to Build New Arena With $450 Million in Bonds

On Wednesday, September 17, the Michigan Strategic Fund board gave final approval for the sale of $450 million in 30 revenue bonds to help finance a new Detroit Red Wings Arena.

The financing plan includes $250 million in tax-exempt bonds and another $200 million in variable-rate taxable bonds backed by arena concessions fee payments.  Under the plan, Olympia Development, part of Ilitch Holdings (owners of the Detroit Red Wings), will pay 44% of the cost and the Detroit Downtown Development Authority (who would …

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