The money to build the $532 million Detroit Red Wings arena and events center was raised, as planned, with the sale of $450 million of state bonds late last year. The Michigan Strategic Fund divided the sale into a $250 million in Series A offering that is backed by property taxes already captured by Detroit's Downtown Development Authority. The $200 million in Series B bonds are backed by the $11.5 million Olympia Development of Michigan has agreed to pay the DDA for bond retirement.