Eugene David ...The One-Minute Pundit |
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Wednesday, June 28, 2006
Detroit's Book-Cadillac is finally being renovated -- but here's the rub:
The financing underpinning of the deal is complex. Starting more than two years ago, Ferchill negotiated 22 different layers of financing, including investor equity, bank loans, and multiple levels of tax credits keyed to historic preservation, brownfield cleanup and environmental conservation. We would not be surprised to learn this is mostly taxpayer-financed. If so, this project could be gutted again in less time than it will be rebuilt. We know too the delusions people harbor that downtowns can be rebuilt. All said we hope this works -- there's enough to work against it. Elsewhere a fine old Detroit bar (these hacks MUST call it LEGENDARY) is being replaced by something called the Rosa Parks Transit Center, whose very name summons the cities' uphill climb.
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