The Pontiac Silverdome, built in 1975 at a cost of $56 million (over $200 million in today's dollars), was sold at auction yesterday for $583,000. Folks, houses in your neighborhoods sell for more than that!
The city of Pontiac played host to the Detroit Lions in the Silverdome for just shy of three decades. Yet judging by the picture in this article, the economic development spurred by the stadium largely consisted of parking spaces, which now sit empty. Moreover, they've been spending $1.5 million a year on upkeep for the empty facility, in a period when city budgets are a disaster. Apparently, they are relieved to "to shed the costly structure." Surely there is a message in this saga for public bodies with thoughts of taking the stadium plunge.
The story does recall a junket to Mexico for "a Pontiac councilman," two business associates and "three female companions."
HT to Steve!