A vote on the 195 (m) million dollar package to help Detroit with its bankruptcy could come in the state House as soon as tomorrow (Thu.). As we hear from Michigan Public Radio’s Rick Pluta, a House committee has put the legislation on a fast track.
There could be a first vote tomorrow (Wed.) in the Legislature on an almost 200 (m) million dollar bailout for the city of Detroit. Mayor Mike Duggan was one of those who testified prior to the historic vote. Duggan says, overall, he supports the plan.
Detroit’s finances would be under the scrutiny of an appointed board for as long as 20 years after the city’s bankruptcy under a plan unveiled today.
Governor Rick Snyder says he thinks there’s progress in negotiations with the Legislature to put 350 million dollars of state money toward Detroit’s bankruptcy settlement. Detroit’s emergency manager just spent two days in Lansing in an effort to build support for the deal.
That money from the state would help fund pensions and ensure the assets of the Detroit Institute of Arts don’t get put up or auction.
The governor says now he’s pushing for lawmakers to vote on a bailout package in May or early June.
“The goal is to get it done before there’s a recess for the summer.”
Snyder says the bargain has to include an end to legal challenges to the bankruptcy. He would also like an oversight panel to help manage the city’s finances post-bankruptcy. He says that should also help reassure reluctant legislators.
For the first time ever, the state is hosting – what officials are calling – a statewide “speed dating” type of career fair.
Buffett is an advisor to Goldman Sachs’ 10,000 Small Businesses initiative, which is committing $15 million of capital to support small businesses in and around the city. Another $5 million will go to business training for Detroit entrepreneurs.
Despite Detroit’s historic bankruptcy filing, Buffett says the city has a “huge potential” for economic growth.
“You may need a reorganization plan,” said Buffett. “Exactly what it should be, I’m not an expert on that. But I do know that the resources in terms of the people, the businesses, the history, the culture are all here to have a great city in the future.”
“The United States with a flourishing Detroit is going to be a lot better United States than without one,” he said.
The announcement at Ford Field was a who’s who of business leaders and Michigan politicians. Buffett was joined by Governor Rick Snyder, Detroit Emergency Manager Kevyn Orr, members of Michigan’s congressional delegation, White House officials, and many more.
Goldman Sachs CEO Lloyd Blankfein said the company would not invest in Detroit if it didn’t believe the city will make a comeback.
“It wasn’t a great city. It was the greatest industrial city in the country – probably the world,” said Blankfein. “And so, I would not bet against it, I’d bet for it, and that’s what we’re doing here.”
Businesses interested in the 10,000 Small Businesses program have until January 6th to apply.
Click here too view information on the 10,000 Small Businesses initiative http://10ksbdetroit.com/
Michigan has received a three year grant to provide new services to the homeless. The program is expected to provide services to 3,000 potential participants.
Former Detroit Medical Center CEO Mike Duggan is the new mayor-elect of Detroit.
Duggan defeated Wayne County Sheriff Benny Napoleon with about 55 percent of the vote. Read more
Snyder was also questioned earlier this month as part of a deposition. The governor agreed to waive his executive privilege to testify.