In exchange for generous public subsidies, Illitch Holdings, owner and developer of the Little Caesars Arena in Detroit, promised large-scale economic development.
"Just over a year after Little Caesars Arena opened its doors for the first time, Ilitch Holdings is celebrating the changes that have come to Detroit and noted that it's only the beginning," writes John Gallagher.
Gallagher lists the economic development and tax revenue benefits touted by the company, which include, 3 million guests to the arena, $600 million in contracts to local companies and 20,000 jobs, a 456 percent increase in property tax base in the district, 40,000 square feet of additional commercial development, and $200 million in funding commitments to additional redevelopment projects.
Planetizen first reported criticisms of the generous subsidies allowed the sports arena back in 2014, and the public investments continued into 2017. In 2016, the Illitch family has promised that the city's investment in the arena and surrounding sports and entertainment district would reap additional private investments in the area.
FULL STORY: How Little Caesars Arena has changed Detroit
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