MEDC Approves Major Detroit Rail And Arena Projects
A Michigan development agency says it has awarded incentives to further work on Detroit's $140 million light-rail project and tear down the Detroit Red Wings' current home.
The Michigan Economic Development Corp. announced the grants and loans Tuesday to develop the M-1 Rail project and demolish Joe Louis Arena.
The rail project has been awarded a $10 million performance-based loan and the arena demolition will get $6 million in economic assistance.
The 3.1-mile streetcar line is to start running along Woodward Avenue in 2016. It also has $25 million in U.S. aid.
M-1 Rail chief operating officer Paul Childs says the loan is a key to maintaining the company's cash flow during construction.