2007 CPEO Brownfields List Archive

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

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