CHICAGO — Michigan would create a new authority to take ownership of Detroit’s Cobo Hall Convention Center under a long-awaited expansion plan unveiled yesterday by state and local officials that relies on $600 million of borrowing to help attract more business to the home of the annual North American International Auto Show.

The plan includes refunding the center’s existing debt, expanding its exhibit space, creating a regional authority to take over operations, and making the center a sales-tax free zone — the first for a U.S. convention center.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.