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).
