Detroit, MI (Sports Network) – The Detroit Red Wings are a step closer to playing in a new home.<\/p>\n
On Wednesday, the Free Press revealed that Detroit’s downtown development authority approved a memorandum of understanding with the Ilitch family to build a new arena in the area close to Comerica Park and Ford Field.<\/p>\n
The new edifice is expected to serve as the centerpiece of a planned $650 million revitalization project for blighted stretches of the northern portion of the downtown area.<\/p>\n
According to the paper, the current tentative deal calls for 56 percent of the total cost will be absorbed by private interests and the remainder from the public side, including a so-called “property tax capture” of nearly $13 million approved by the Michigan state legislature last year. Olympia Development, fronted by the Ilitches, would be on the hook for $11.5 million per year.<\/p>\n
In its initial form, no money from either the City of Detroit or Wayne County will be used to fund the project.<\/p>\n
Once any deal is finalized, it is expected construction will take up to two years.<\/p>\n
The Red Wings have called the city of Detroit home since their 1926 inception. Detroit had played in the now-demolished Olympia from 1927 until the early portion of the 1979-80 season before moving into Joe Louis Arena.<\/p>\n","protected":false},"excerpt":{"rendered":"
Detroit, MI (Sports Network) – The Detroit Red Wings are a step closer to playing in a new home. On Wednesday, the Free Press revealed that Detroit’s downtown development authority approved a memorandum of understanding with the Ilitch family to build a new arena in the area close to Comerica Park and Ford Field. The […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33],"tags":[],"class_list":["post-1648","post","type-post","status-publish","format-standard","hentry","category-nhl"],"_links":{"self":[{"href":"https:\/\/www.stub.com\/hq\/news\/wp-json\/wp\/v2\/posts\/1648","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.stub.com\/hq\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.stub.com\/hq\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.stub.com\/hq\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.stub.com\/hq\/news\/wp-json\/wp\/v2\/comments?post=1648"}],"version-history":[{"count":0,"href":"https:\/\/www.stub.com\/hq\/news\/wp-json\/wp\/v2\/posts\/1648\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.stub.com\/hq\/news\/wp-json\/wp\/v2\/media?parent=1648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.stub.com\/hq\/news\/wp-json\/wp\/v2\/categories?post=1648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.stub.com\/hq\/news\/wp-json\/wp\/v2\/tags?post=1648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}