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Detroit Casinos Could End Up Costing Taxpayers8 August 2001DETROIT, Michigan -- As reported by the Associated Press: "City taxpayers could end up footing the bill for the embattled Detroit River casino project, a $140 million plan headed toward downsizing if not outright abandonment. "At the moment, the MGM Grand, MotorCity and Greektown casinos share the liability, through bonds secured with letters of credit from each casino developer. The city has agreed to spend $50 million for park land around the casinos' projected permanent sites east of downtown. "Mayor Dennis Archer's plan calls for MGM Grand to move to the riverfront from its temporary site, with MotorCity and Greektown expanding at their existing sites. "…The City Council, however, has not acted on Archer's plan since he announced it in April. "…But in a confidential memo to the council, the city's Law Department warned that ignoring Archer's plan would put Detroit in violation of the casino development agreement and bond conditions…" |