Process To Facilitate Pistons’ Move To Detroit Hits Milestones

As you know, representatives of the DDA and DEGC have been integrally involved in facilitating the Detroit Pistons’ relocation to Detroit. Recently we reached two important milestones in the process of gaining bond issuance approvals supporting enhancements to Little Caesars Arena for the team’s move. The City of Detroit City Planning Commission has recommended the 2017 Proposed Plan Amendments to the DDA’s Restated Tax Increment Financing Plan and Development Plan for Development Area No. 1, which includes the Catalyst Development Project (i.e., the Little Caesars Arena and surrounding private development). Furthermore, the Michigan Strategic Fund — the entity which was responsible for issuing the 2014 bonds for the construction of the arena — approved the changes to the Catalyst Development Project set forth in the 2017 Proposed Plan Amendments. There are more steps in this ongoing process, including opportunities for public comment. Detroit City Council has hosted public hearings to listen to comments, concerns and recommendations regarding the community impact of the Detroit Pistons’ home venue relocation to the Little Caesars Arena, and headquarters and practice facility relocation to New Center. DEGC continues to deliver. We will keep you informed of future developments.