Quantcast
 
New book by Larry Connors Click here Improve your trading - See how


 

Cobo plan blasted, but it could make or break auto show

Fri. June 19, 2009; Posted: 08:10 AM
Stocks RSS
LANSING, Jun 19, 2009 (Detroit Free Press - McClatchy-Tribune Information Services via COMTEX) -- RCCK | Quote | Chart | News | PowerRating -- State Rep. Coleman Young Jr. condemned the new plan to expand and renovate Detroit's Cobo Center as a rip-off of Detroiters, who would lease the center to a new regional authority.

Oakland County Executive L. Brooks Patterson ripped it as a bad deal for his constituents because Rock Financial Showplace in Novi is not the backup plan, as it was in a Senate bill that passed.

And Rep. Shanelle Jackson, D-Detroit, said her bill was a compromise, and the differences with the Senate bill can be resolved in a conference committee.

Well, maybe.

If they can't, it could be the last and best chance to keep the North American International Auto Show in Detroit.

Show organizers say they need a resolution to produce an improved Cobo this summer or they'll take the show -- and the $500 million it generates for the region -- on the road.

Failed attempt

A similar attempt last winter to turn Cobo over to a regional authority went down in spectacular flames when the Detroit City Council nixed the agreement and then-Mayor Ken Cockrel Jr. couldn't do anything to save it.

That wouldn't happen under legislation approved by the state House on Thursday.

The House plan would give Mayor Dave Bing veto power over a council rejection. The earlier bill was rejected 5-3 by the council.

Cockrel has rejoined the council and said Thursday that the House bill was a positive step but not "a slam dunk by any stretch of the imagination" to pass the council.

Under the plan, Cobo would be leased to a regional authority for 30 years.

The authority would pay Detroit $20 million for its parking facilities and get $9.4 million from the state.

The House plan would try to assure that Cobo-related jobs and contracts go to not only Detroiters, but also those in Wayne, Oakland and Macomb counties.

Patterson critical of plan

Besides not including the Novi facility as a backup, Patterson said a provision in the bill allowing Bing to sign contracts on Cobo until Oct. 1, when the regional authority would take over, was a big problem.

Bing would be bound by purchasing rules laid out in the city charter and laws, which include preferences for Detroit-based business, prevailing wages and other costly provisions, Patterson said.

Patterson threw cold water on the House plan.

"I thought they were serious about saving the auto show," Patterson said. "The only thing they were serious about was lining their own pockets."

Senate Majority Leader Mike Bishop, R-Rochester, hadn't seen the House bill and withheld comment.

"We will be expediting action on this next week," said Matt Marsden, Bishop's spokesman.

Contact CHRIS CHRISTOFF: 517-372-8660 or cchristoff@freepress.com

To see more of the Detroit Free Press, or to subscribe to the newspaper, go to
http://www.freep.com Copyright (c) 2009, Detroit Free Press Distributed by
McClatchy-Tribune Information Services. For reprints, email
tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax
to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave.,
Suite 303, Glenview, IL 60025, USA.
For full details for RCCK click here.

    


More News:   Market Updates | Stock Alerts | All Trading News | Stock Index

Email
Print
Archives
Feedback
Email Article Link
Close X
Recipients email address
Your name
Your email
Add a note (optional)




Stocks RSS





Most Popular News
  UPCOMING EVENTS
Learn new strategies, how to trade in this market, and the stocks you should be focusing on each day. Join us for our free 20 minute tele-seminars during the week.
* Attendance is strictly limited and are filled on a first-come, first-served basis.
PREMIER SPONSORED LINKS
TRADE CENTER
 
The TradingMarkets Directory
RELATED SITES
Nothing but forex
Please call 1-213-955-5858 ext. 1

About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback

Disclaimer:

The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.

It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.

HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.

The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302

© Copyright 2009 The Connors Group, Inc.


All analyst commentary provided on TradingMarkets.com is provided for educational purposes only. The analysts and employees or affiliates of TradingMarkets.com may hold positions in the stocks or industries discussed here. This information is NOT a recommendation or solicitation to buy or sell any securities. Your use of this and all information contained on TradingMarkets.com is governed by the Terms and Conditions of Use. Please click the link to view those terms. Follow this link to read our Editorial Policy.

© 2009 The Connors Group, Inc.