Wall Street Buys Detroit Bond Deal For New Police HQ
It looks plans for a new Detroit Police headquarters are moving forward. The city says it has completed a $100 million bond sale with much of it dedicated to turning a former casino into a public-safety headquarters for the police and fire departments.
Mayor David Bing called it a "major step forward" for improving public safety. He says Wall Street has faith in the city's finances.
Detroit plans to move into the old temporary home of the MGM Grand Casino on the western edge of downtown. The city will spend millions to overhaul the 400,000-square-foot building.
In July, city council members agreed to acquire the site through a land contract and voted to approve a request from Mayor Bing to issue bonds for the purchase of the building. Property tax revenue will be used to pay off the bond.
The city is hoping the new location can house a new, and improved, crime lab for the DPD. State police have been processing evidence for Detroit since the city's crime lab closed in 2008 after authorities found dozens of cases with misjudged evidence.
Falling plaster, lead-based paint, water leaks, vermin and other problems have plagued the old police headquarters. Other popular proposed new locations included the abandoned and dilapidated Michigan Central Station, which was deemed not a viable option.
The Associated Press contributed to this report.
