Something major happened Wednesday to Detroit, and we all should be standing up applauding this game-changing event.

The first part of the story is the $25 million the U.S. government committed to the M-1/Woodward Avenue Light Rail Project on Feb. 17. The big news is the partnership between public and private money that made this federal grant possible.

The project combines the power of Detroit, the state via the Michigan Department of Transportation and at least four financial superstars (including Roger Penske, Mike Ilitch, Peter Karmanos Jr. and Dan Gilbert) who are doing everything within their power to get Detroit where it needs to be. Bless you, boys.

Say what you will about some of their other financial decisions (re: Kwame), but this light rail thing is a winner.

“Your business community should be congratulated,” said Frank Rapoport, Chair of the Global Infrastructure and Public Private Partnership (P3) team for international law firm McKenna, Long & Aldridge LLP. “Detroit is out front here. It’s a great example of a public-private partnership.”

Read more: http://detroit.blogs.time.com/2010/02/18/take-private-money-and-going-public/#ixzz0hqHpARte