DETROIT (FOX 2) - It's been a year and a half since word that Cobo Center was considering a new name first surfaced. It was slated to take between 6 months and 2 years to make a decision. Could it be happening Wednesday morning?
Governor Gretchen Whitmer will join officials from the Detroit Regional Convention Facility Authority (DRCFA), city officials, and more to make a "significant announcement" regardling Cobo Center.
Sources would not provide more details regarding the announcement but it's speculated that it may be a new name for Cobo Center.
The Cobo name has long been associated with a racist past and the convention center's $5 million in state subsidies is running out. So it's logical that selling the naming rights could happen sooner rather than later.
Ten years ago, Detroit was close to losing the North American International Auto Show every January because of Cobo's disrepair at that point. Cobo was formerly owned by the City of Detroit, which at the time was dealing with bankruptcy. The convention center was losing $21 million a year, so they created the DRCFA and went to the state for help.
In the first two years they received $11 million, next two years $9 million, two years after that they got $8 million, this year they're getting $6 million and next year it will be $5 million. It will stay at $5 million until 2023.
Cobo is on the clock and made giant strides cutting the operating debt to $280,000, but with the state funding set to expire in six years.