Detroit officials: Red Wings' Joe Louis Arena current on tax payments
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