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July 21, 2013
We’re not the only city that’s going to struggle through what we’re going through. We may be one of the first. We are the largest, but we absolutely will not be the last. And so we have got to set a bench mark in terms of how to fix our cities and come back from this tragedy.
Detroit mayor Dave Bing • Discussing the city’s bankruptcy crisis, stemming from more than $18 billion in debt. While bailing out is an option, Bing says he hasn’t broached the topic with the Obama administration. “I think it’s very difficult right now to ask directly for support,” he said. Bing is relatively limited as far as options, with the city’s financial situation being handled by an emergency manager in the city. Michigan Governor Rick Snyder says that, had the bankruptcy move not been made, the city would have “gone further downhill.”
23:09 // 1 year ago
November 20, 2012

Detroit City Council rejects last-ditch 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
18:57 // 1 year ago
June 8, 2012

Hard-luck Detroit could go completely broke thanks to lawsuit

  • 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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11:41 // 2 years ago
December 4, 2011
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 (viafollow)
8:43 // 2 years ago