Monday October 13th, 2014

Detroit City Council officials say the company that leases Joe Louis Arena for Red Wings home games is current on paying property taxes at the arena, reports the Detroit Free Press.

According to the report, Olympia Entertainment settled its bill on time this summer and paid half of a $5.2 million debt, which was related to cable television revenues. The settlement was part of a deal to extend the Joe Louis' lease until the team's new arena is built.

Olympia paid $411,600 in August and that will count towards the $1 million yearly rent, which is made in two installments. The remaining balance is due in January.

Olympia also paid $200,000 for extra security at the arena, and another $50,000 payment is expected when the company pays the second half of its rent in January.

"In order for Detroit to make a comeback, all parties involved need to do their part when its their time," councilwoman Mary Sheffield said. "This is especially true of our corporate community, and I am glad to learn the Ilitch family is making their responsibility to the city a priority."

But the company hasn’t fixed 600 parking spaces at the arena that was supposed to have been completed Sept. 1. It will cost an estimated $1.25 million to repair the garage, which Olympia says now will completed by next month.

Officials broke ground for a new 18,000-seat hockey arena and 45-block entertainment complex in Detroit, which is scheduled to be open in time for the 2017 season.

- Scooby Axson

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