Cobo's control has officially been handed over to the Regional Convention Center Facility Authority.
Excerpt:
The Regional Convention Center Facility Authority officially took control of Cobo Center on Tuesday with the signing of a 30-year lease and the City Council's approval of two insurance contracts. Detroit is to receive $20 million in return for giving up revenue from Cobo's parking facilities. The state legislation that created the lease allows for up to $300 million to renovate and operate the center from hotel and liquor taxes and state tobacco tax revenue.
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