From: | bobh@np.craigslist.org |
Date: | 12 Oct 2007 12:51:16 -0000 |
Reply: | cpeo-brownfields |
Subject: | [CPEO-BIF] Detroit BRA plans to issues bonds for riverfront project |
City steps in to give Bing riverfront project a boost Detroit Free Press October 11, 2007 By JOHN GALLAGHER Faced with delays in getting riverfront condominium projects built, the City of Detroit is intervening to give a project headed by civic and business leader Dave Bing a financial push. The Detroit Brownfield Redevelopment Authority, a quasi-public arm of the city, approved a plan today that includes a bond issue backed by future tax revenues from the project to help get the project started. The plan now goes to City Council for approval. The bonds will be paid back out of the future tax revenues from Bing?s $60 million Watermark project, although investors who buy the bonds would be responsible for the risk in case of default, not the city. For the entire article, see: http://www.freep.com/apps/pbcs.dll/article?AID=/20071011/BUSINESS/71011035/0/COL14 Bob Hersh CPEO _______________________________________________ Brownfields mailing list Brownfields@list.cpeo.org http://www.cpeo.org/mailman/listinfo/brownfields | |
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