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Oliver's show is on HBO and its really a good show..
http://www.mlive.com/business/detro...roit_ilitch_family_called_o.html#incart_river
Detroit, Ilitch family called out in 'Last Week Tonight' piece on publicly funded stadiums.
DETROIT -- "That's a little hard to swallow," said HBO's John Oliver in a recent segment on U.S. sports stadiums delivered on his "Last Week Tonight" show.
Oliver essentially asks why American cities so often pay out big funds for new sports stadiums, calling out teams and owners who use what he calls questionable tactics and promises to get the money for their new stadium.
One of the first specific projects Oliver points to at around the three-minute mark is the new $450 million Detroit Events Center project.
The $650 million development is to be funded with a mix of $365.5 million in private investment and an estimated public investment of $284.5 million.
The funding was approved shortly after the City of Detroit filed for bankruptcy two years ago.
"That's a little hard to swallow," Oliver said, citing Detroit Red Wings owner Mike Ilitch's net worth of $5.1 billion. "We don't just help teams build stadiums, we let them keep virtually all the revenue those stadiums produce."
Later in the segment, Oliver points to a similar development happening in Milwaukee for the Milwaukee Bucks. That project, much like the new Detroit arena, has promised a rolling revitalization of the area around the stadium.
Related: How is the $650 million Detroit Red Wings project being paid for?
Olympia Development of Michigan has extensively referenced a $200 million surrounding entertainment district in the initial build out, as well as 50 blocks of neighborhoods that will snowball off of stadium project.
There is also a goal that 20 percent of the housing developed around the stadium will qualify as affordable housing, Olympia has said. However, there's no timeline on the neighborhood revitalization.
The stadium is expected to be finished by the 2017 NHL season.
Oliver states that "the truth is stadiums very rarely revitalize their surrounding areas or create large numbers or permanent jobs."
Though Olympia has said the project will generate at least $1.8 billion in total economic impact, 8,300 construction and construction-related jobs and 1,100 permanent jobs. More than $100 million in income from the Events Center project alone," nothing was said during City Council meetings about jobs after the stadium is built.
"No one has ever said 'hey, let's go hangout in the area around the stadium...'" Oliver said. He cited economists who reported that stadiums have not been proven to boost the economy.
"When you use public money to pay for an expensive stadium, you might find yourself unable to pay for something you badly need," Oliver said.
The City of Detroit in the fall was authorized to shed $7 billion in debt. A 10-year plan was to be implemented, too.
Oliver implied that fans and the public are misguided in rallying behind new arenas and sports teams without asking where the money is coming from.
To end the segment, Oliver delivers a mock inspirational speech.
"These owners have been humiliating us for decades," he said."...We can decide to fight back...we should not be using public money to pay for it."
On Saturday, the massive project in Detroit took a big step forward with the demolition of the historic Park Avenue Hotel. The building was demolished to make way for an underground loading dock and a surface park area.
Olympia Development of Michigan did not respond to an email for comment.
http://www.mlive.com/business/detro...roit_ilitch_family_called_o.html#incart_river
Detroit, Ilitch family called out in 'Last Week Tonight' piece on publicly funded stadiums.
DETROIT -- "That's a little hard to swallow," said HBO's John Oliver in a recent segment on U.S. sports stadiums delivered on his "Last Week Tonight" show.
Oliver essentially asks why American cities so often pay out big funds for new sports stadiums, calling out teams and owners who use what he calls questionable tactics and promises to get the money for their new stadium.
One of the first specific projects Oliver points to at around the three-minute mark is the new $450 million Detroit Events Center project.
The $650 million development is to be funded with a mix of $365.5 million in private investment and an estimated public investment of $284.5 million.
The funding was approved shortly after the City of Detroit filed for bankruptcy two years ago.
"That's a little hard to swallow," Oliver said, citing Detroit Red Wings owner Mike Ilitch's net worth of $5.1 billion. "We don't just help teams build stadiums, we let them keep virtually all the revenue those stadiums produce."
Later in the segment, Oliver points to a similar development happening in Milwaukee for the Milwaukee Bucks. That project, much like the new Detroit arena, has promised a rolling revitalization of the area around the stadium.
Related: How is the $650 million Detroit Red Wings project being paid for?
Olympia Development of Michigan has extensively referenced a $200 million surrounding entertainment district in the initial build out, as well as 50 blocks of neighborhoods that will snowball off of stadium project.
There is also a goal that 20 percent of the housing developed around the stadium will qualify as affordable housing, Olympia has said. However, there's no timeline on the neighborhood revitalization.
The stadium is expected to be finished by the 2017 NHL season.
Oliver states that "the truth is stadiums very rarely revitalize their surrounding areas or create large numbers or permanent jobs."
Though Olympia has said the project will generate at least $1.8 billion in total economic impact, 8,300 construction and construction-related jobs and 1,100 permanent jobs. More than $100 million in income from the Events Center project alone," nothing was said during City Council meetings about jobs after the stadium is built.
"No one has ever said 'hey, let's go hangout in the area around the stadium...'" Oliver said. He cited economists who reported that stadiums have not been proven to boost the economy.
"When you use public money to pay for an expensive stadium, you might find yourself unable to pay for something you badly need," Oliver said.
The City of Detroit in the fall was authorized to shed $7 billion in debt. A 10-year plan was to be implemented, too.
Oliver implied that fans and the public are misguided in rallying behind new arenas and sports teams without asking where the money is coming from.
To end the segment, Oliver delivers a mock inspirational speech.
"These owners have been humiliating us for decades," he said."...We can decide to fight back...we should not be using public money to pay for it."
On Saturday, the massive project in Detroit took a big step forward with the demolition of the historic Park Avenue Hotel. The building was demolished to make way for an underground loading dock and a surface park area.
Olympia Development of Michigan did not respond to an email for comment.
