Talks Underway to Get Help to Detroit
High-level meetings are continuing today in Lansing designed to help--at least in part--the struggling Detroit meet some of its financial obligations.
Governor Snyder has been meeting with leaders from both parties trying to find a way to send millions to the city to help fund Detroit pensions and save artwork on display at the Detroit Institute of Arts. An announcement on a multi-million dollar funding proposal could come as early as today.
Mlive.com is reporting that the governor wants to pump an estimated $350 million into the city over a twenty year period. The money reportedly would match numbers already pledged from local and national foundations. Michigan's share is said to come from bonds or tobacco settlement money.
Creditors have been long wanting to get involved in the appraisal process and have a say in how--or if--the valuable artwork is sold and how much they would get from the proceeds. Others have been fighting to keep the art from being sold.
Although no official word has come on the amount the state is willing to kick in, proponents of the idea say what benefits Detroit will ultimately benefit Michigan. They claim the promise of money from the state and the foundations could speed up the bankrupcy process and get Detroit back on track sooner. Opponents of the idea, though, say a bailout for the Motor City will set a dangerous precedent and could leave the state vulnerable to other requests.