  Emu_steve Member Username: Emu_steve Post Number: 34 Registered: 11-2006 |
Detnews: Gaming board rejects Greektown's request for extension. | ||
Tetsua Member Username: Tetsua Post Number: 970 Registered: 01-2004 |
Do you have a link? | ||
Emu_steve Member Username: Emu_steve Post Number: 35 Registered: 11-2006 |
Sorry. When I posted, the article was clearly visible at the Detnews' homepage. Guess the story got bumped down. http://www.detnews.com/apps/pb cs.dll/article?AID=/20061212/U PDATE/612120435/1361 | ||
Dabirch Member Username: Dabirch Post Number: 1981 Registered: 06-2004 |
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Ramcharger Member Username: Ramcharger Post Number: 168 Registered: 05-2006 |
They had years to come up with a plan for their permanent facility and they have the balls to blame the city for the delay. Give me a break. | ||
Cmubryan Member Username: Cmubryan Post Number: 325 Registered: 11-2003 |
"The permanent facility likely will not open on time because casino officials are negotiating with Detroit officials to purchase a parking structure..." Am I confused, I thought this was already bought and demolished? | ||
Detroitplanner Member Username: Detroitplanner Post Number: 542 Registered: 04-2006 |
Greektown started a project at Gratiot and I-75 only to give it a major rework and repackage it and move it to a half ass two buildings kitty-conrer and down the street from each other combo, the city sells em a needed structure and some how it is the City's fault? | ||
Gambling_man Member Username: Gambling_man Post Number: 911 Registered: 11-2003 |
The story is sort of half-assed. It took the city nearly a year to "negotiate" a purchase of the city-owned garage that was worth about 4MM FMV, that they sold to us for 30MM. The issue with the Gaming Board has to do with financial covenants based upon much earlier estimates that we had made as to when the permanent would be up and running. If we do not meet these covenants, we will have to make up for the EQUITY shortfall with cash or a letter of commitment for cash. Issue settled. |
