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November 20, 2012
18:57 • 6 months ago

Detroit City Council rejects last-ditch cash infusion

Tags: es grabbags detroit detroit city council michigan dave bing detroit cash infusion

  • the offer As part of a deal to get the City of Detroit back on track financially, the city’s government made a deal with the State of Michigan to receive a $30 million cash infusion in two payments, including a $10 million loan set for today. The city has long struggled to recover from its decline in population and has had financial trouble for years.
  • the condition To receive the money, the city had to sign a contract with the law firm Miller, Canfield, Paddock & Stone to analyze the city’s legal situation and deal with any litigation that might arise as a result of a financial stability agreement.
  • the vote In a voice vote, the city rejected the condition on the money, meaning that the city will not get the initial $10 million payment. ”It will be more difficult for the City to maintain its liquidity until the receipt of property tax revenues beginning in January,” said mayor Dave Bing. “Today’s vote is one more example of how City Council has stalled our efforts to bring financial stability to the City of Detroit.” source

June 8, 2012
11:41 • 11 months ago

Hard-luck Detroit could go completely broke thanks to lawsuit

Tags: dave bing detroit detroit bankrupt detroit broke detroit finances Krystal Crittendon michigan state of michigan

  • what The city of Detroit could be flat broke by the middle of June — June 15 to be exact. “If our city runs out of money there is no bigger crisis facing our city,” said mayor Dave Bing. The city has stayed afloat of late due to a financial consent agreement with the State of Michigan.
  • why The city’s top attorney, Krystal Crittendon, filed a lawsuit over the agreement, saying it’s not valid because the state owes the city unpaid debts. The result? The state could withhold parts of an $80 million bond, leaving the city broke. However, workers would still get paid regardless. source

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December 4, 2011
08:43 • 1 year ago
Tags: auto industry dave bing detroit detroit financial crisis detroit financial problems michigan Sheila Cockrel state takeover
The entire structure of the city reflects a 1950s model in which the United States was the dominant economy of the world and automobile manufacturing was the core driver. None of that is true anymore.
Former Detroit City Council member Sheila Cockrel • Discussing the city’s major financial issues — which are so bad that the state has ordered a review of the city in a move that could lead Michigan to take it over. It would be the largest city of its kind to be taken over by the state government, but one that has fallen the furthest: With a quickly-declining population that has fallen by a quarter in the past decade, a $150 million budget deficit and a $45 million financial shortfall expected for the current fiscal year, options are running slim for a city defined by auto industry culture in good ways and bad. If the state takes over, the council that Cockrel was once a member of and mayor Dave Bing could get sidelined. Ouch. source (via • follow)
 

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