He adds that the project "is projected to have a $2.1 billion economic impact on our city, our region and our state." They have exceeded their goals so far, with about $500 million, or 93 percent of contracts, signed with Michigan firms, including about $300 million going to Detroit-based companies, Ilitch says. "The state stepped up with about $250 million in seed money and instead of getting a $650 million development, they've gotten a $2 billion development."īeyond that, Ilitch highlights the effort the project has made to keep contracts with local businesses. " I would say the state got the deal of a lifetime," Chris Ilitch says. That will transform about 50 mostly blighted blocks between the city's uptown and core into a mix of residential units, retail space, and hotels. The Ilitches have also promised nearly $2 billion to develop over 1.6 million square feet surrounding the arena, dubbed The District Detroit. Despite opposition, Nevada's lawmakers approved the plan last week.īut in this case, Little Caesars Arena isn't all that the public stands to gain. In the latest example, the Reno Gazette Journal denounced a proposed stadium deal backed by $750 million in public money that could lead to bringing the NFL's Oakland Raiders to Las Vegas. Taxpayer-backed stadium deals have increasingly drawn outrage for not proving to be wise public investments and attracted the ire of commentators such as HBO's John Oliver.
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