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State approves incentives for arena project in Detroit

detroitskyline_flickr_patrickgibson.jpg
Patrick Gibson
/
Flickr

While the first bankruptcy hearing for Detroit was underway, state economic development officials approved big incentives for developers to build a new sports complex in the city. The project includes a new hockey arena for the Detroit Red Wings. It would be within walking distance of the city’s football and baseball stadiums.

Michael Finney is the president of the Michigan Economic Development Corporation.

“Our job is to find every opportunity that we think will allow for more and better jobs and a future for our kids in this state, and this is one of those projects and it has every potential for a positive impact in Detroit,” he says.

The city’s downtown development authority would capture a share of local property taxes to help with public financing for the project.