[Pontiac City Council examined at least two proposals from developers to purchase the Silverdome, one for $18.5 million and another for $17 million plus 25% of the profits, back in 2005 before the real estate market fell but they decided not to sell. Pontiac officials began soliciting proposals from developers nationwide in 2001 after Detroit Lions officials announced they would be leaving the Silverdome to play football at Ford Field in downtown Detroit. The Lions paid the city of Pontiac $26.25 million to break their lease and almost $1 million in service fees the team had been withholding.]
Silverdome site still up in air - Detroit - UrbanPlanet
By Jennifer Chambers/The Detroit News
"...John Graham has lived in Pontiac for 82 years and said it is time for city leaders to make a decision on the site and start generating tax revenue for the community.
"It's been a very long time to me. They seem to keep it busy with car races, and now they are (proposing) having a Super Bowl practice," Graham said. "I'd like to see something that could produce income so our taxes can come down."
Schostak wants to turn the Silverdome building into a Pontiac Towne Center that is part industrial park and part retail center, with six restaurants and a recreation center. The dome would be removed and rebuilt to accommodate a 300-room hotel.
Schostak's cash offer for the land is $18.5 million. Officials say it will generate 7,000 new jobs.
Etkin Equities wants to demolish the Silverdome and develop 20-22 buildings over 1.5 million square feet of space for a high-tech research office park with a small amount of space for retail stores and restaurants.
The company's cash offer for the property is $17 million, with development costs expected to be $200 million. The project is expected to create 6,000 jobs.
The proposal includes sharing 25 percent of profits from the property with the city. Curtis Burstein, Etkin's executive vice president, said project consultants have estimated Pontiac's share of the profits at $5 million.
The offer also includes a $1 million bonus if 80 percent of the property is put into use within the first five years of the development.
Oakland County Executive L. Brooks Patterson said he would like to see city officials make a decision soon to generate tax money for the city and county and bring jobs into the area.
"It's probably the most valuable property in Oakland County, and it's off the tax rolls." Patterson said. "They have a lot of cooks in the kitchen. They need to make a decision and get on with it."
Analysts have said the site -- situated near Oakland County's Automation Alley -- is worth $350,000 an acre, or almost $50 million, if the Silverdome is knocked down.
Pontiac officials began soliciting proposals from developers nationwide in 2001 after Detroit Lions officials announced they would be leaving the Silverdome to play football at Ford Field in downtown Detroit. The Lions paid the city of Pontiac $26.25 million to break their lease and almost $1 million in service fees the team had been withholding.
The Silverdome hasn't given Pontiac the financial boost predicted when it opened in 1975."