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Detroit Mayor Adds $40 Million To Casino Deal17 May 2002DETROIT, Michigan – As reported by the Detroit News: "Mayor Kwame Kilpatrick plans to introduce today the creation of a $40-million minority business development fund underwritten equally by the city and its three casinos. "Under the plan, Detroit and the MGM Grand Detroit, Greektown and Motor City casinos would each give the fund $10 million to be used as loans to minority and women business owners to boost the economy, Kilpatrick spokeswoman Regina Strong said Thursday night. "Strong said the deal, brokered by Kilpatrick over several weeks, creates a mechanism to make the loans happen. The city's portion -- $10 million -- would come from the $51 million the casinos are scheduled to pay Detroit this year, Strong said. "The mayor, the casinos and the City Council have until June 15 -- the day temporary permission to run the casinos expires -- to finalize a deal. "…If the council kills the casino deal, it could threaten the casinos' future…" |