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GRANT APPROVED FOR NEW TIGERS STADIUM; BRISK PACE SET
Published September 21, 1995
The MI Strategic Fund yesterday approved a $55M grant to help pay for a new ballpark for the Tigers in the Fox Theatre district near downtown, and they set a "strict timetable" for completion, according to today's DETROIT NEWS. The city reportedly "must approve" its $35M share of stadium financing by the year's end, and construction "must begin" by April 1, "or the state will pull its money back." The Tigers must also come up with $140M. Lynn Waldsmith notes, among other things, the city will refinance existing Downtown Development Authority bonds to raise its share of funding. James Tervo, an aide to Mayor Dennis Archer, predicted the city council will meet its deadline. Under terms of the grant: 1) No more than $25M would be allocated for land acquisition -- the remaining $30M must be spent on public infrastructure; 2) The Tigers must sign an occupancy agreement for not less than 15 years by December 31; 3) The Strategic Fund must be repaid if the public stadium is sold or transferred to a private entity (DETROIT NEWS, 9/21).