March 18, 2014

Red Wing owners pledge $12.2M to clear up Joe Louis Arena issues

Today at The Detroit News -
"Olympia Entertainment would pay nearly $12.2 million in rent and other considerations to settle any claims the city has against it as part of a new lease for Joe Louis Arena, the Red Wings home that will be demolished after a new hockey arena is built near lower Midtown.

The revelations came in a proposed lease agreement that the city of Detroit circulated Tuesday to City Council members for the 34-year-old arena and its parking garage. The new lease — to replace the original 1978 lease that expired July 1, 2010 — would require rent of $1 million a year and requires council approval by the end of the month.

The lease deal — part of the proposed new $450 million multipurpose arena and surrounding $200 million in development projects in another part of downtown — also depends on approvals needed by April 1 from the Red Wings owners and the Detroit Downtown Development Authority."

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