Major Detroit Projects Still on Track, But Contractors Have Many Questions

摘要

Although Detroit's Chapter 9 bankruptcy filing on July 18 is the largest in U.S. history with about $18 billion in liabilities, it is not expected to affect several key urban projects, project officials say. But state contractors are concerned about work even with some funding tied to private investors. The city's proposed $650-million arena for the Red Wings hockey team would be supported by $367 million in private investment and $283 million in public funding, says a statement from developer Olympia Development. The public contribution would come partially from a state economic development fund and from property taxes collected by the Detroit Downtown Development Authority.