joe louis arena

Wikipedia

Detroit has reached a settlement with its last major holdout creditor in bankruptcy court.

Bond insurer Financial Guaranty Insurance Corporation holds $1.1 billion in Detroit debt. It insured a bad deal on city pension debt whose legality has been questioned.

FGIC had been the city’s last big foe in bankruptcy court. By signing onto the plan of adjustment Detroit has proposed to restructure its debts, it’s removed another hurdle slowing down the city’s exit from bankruptcy.

user: jacdupree / Flickr

Now that the Detroit Red Wings are going to get a new home in 2016, Joe Louis Arena seems destined for the wrecking ball. 

And that is focusing fresh attention on Detroit's riverfront, as the city searches for a new use for that riverfront site. 

There could be some valuable lessons Detroit could learn from Buffalo, which is doing more than just about any Great Lakes City to reconnect with its waterfront after generations of industrial abuse and neglect. 

Writer Edward McClelland spelled out the story of the ongoing process of reclaiming Buffalo's waterfront in a story for Belt Magazine. He joined us to discuss what Buffalo is doing, and what Detroit could do. 

Listen to the interview above. 

For the past 35 years, "Hockeytown" in Detroit has meant the on Detroit's Riverfront.  But " The Joe's" days as the home of the Detroit Red Wings are numbered.

The Wings are headed north to the Cass Corridor area between downtown at Midtown.

A new $450-million, 18,000 seat arena is on the way for Wings owner Mike Ilitch,  perhaps as early as the 2016-2017 season.

And what's drawing fire from critics like my next guest is the fact that the stadium deal has the public covering nearly 60% of the sticker price the Ilitches will get all the revenues from the new stadium, and the whole deal was unveiled publicly the week after Detroit declared bankruptcy.

Bill Bradley is a columnist at Next City, where he covers economic development in cities. He dug into the new Wings arena in a piece for nextcity.org. It's title? "Red Wings Stadium Upset! Why Taxpayers are Losing--Again--in Detroit."

Wikipedia

With a 5-4 vote, the Detroit City Council has narrowly approved a controversial lease deal for the Detroit Red Wings at Joe Louis Arena.

The lease is retroactive to 2010, and runs through 2015. It has five one-year extension options.

The deal will cover the Wings’ remaining playing days at the Joe. The city has already cleared the way for the team’s owners to build a new, $450-million arena complex elsewhere in Detroit.

I’ve talked before about the sweetheart deal that the city of Detroit gave Mike Ilitch in connection with the new hockey stadium and entertainment complex being built in downtown Detroit.

The city is giving Ilitch’s Olympia Entertainment all the land they need, absolutely free. The taxpayers are also kicking in most of the cost of the project.

In return, the city gets nothing – not one dime of the parking or pizza or ticket sales revenue.

The Detroit Red Wings’ owners will keep renting Joe Louis arena through at least 2015, according to a proposed lease presented to the Detroit City Council Tuesday.

City officials have already cleared the way for the Red Wings’ owners, Mike and Marian Ilitch, to build a new arena complex for the hockey team.

But the question remains about what to do with Joe Louis Arena, which the city of Detroit owns. Right now, the two sides are retroactively negotiating a lease agreement that expired in 2010.