Breaking BLOGNews: Detroit Wants $100M For The Tunnel

For Detroit's Mayor Cockrel, it is like winning a megamillion jackpot. For Windsorites, it is like ripping up the lottery ticket, losing again.

Nice how Windsorites were set up today:

• "Detroit mulls new tunnel deal
  
  The city will await details of Detroit’s deficit reduction plan over the next week or two from Cockrel which should include financial expectations around the tunnel, Sutts said."

Lo and behold today in the Detroit media, no mulling but a decision:

• "Cockrel calls for 10 percent wage cut for workers
  
  Leonard N. Fleming and David Josar / The Detroit News
  DETROIT -- Mayor Kenneth Cockrel Jr. this morning told the City Council he plans to eliminate the city's deficit by saving $250 million with a 10 perecnt pay cut for all 15,000 workers, layoffs of 57 others and a 20 percent pay cut for himself and other top officials.
  
  The plan also includes leasing the Detroit-Windsor Tunnel, aspects of the Public Lighting Department and the Municipal Parking Department. Cockrel said limiting the layoffs is contingent on workers accepting wage cuts to save $48 million."

So let's see, Cockrel wants a $100M for the Tunnel and to retain ownership which means he or a successor can sell it at any time.

Windsor wants to pay $75M and keep it in public hands which is not guaranteed unless a term in the Agreement will permit it.

And probably non-recourse to Detroit too so if the deal fails and the revenues are not generated, it is Windsor's problem as their "financier."

I just cannot believe this stuff any more.

What it means is that Cockrel wants a deal for all of the revenue in one big package and knows Eddie cannot do it or thinks that Eddie is so desperate that he will pay anything for the Tunnel.

Is it time yet to yell STOP!!!