Detroit michigan bankruptcy

detroit michigan bankruptcy

Jul 18,  · Detroit's $18 billion bankruptcy rocked all sorts of expectations. Back in July , Detroit became the largest U.S. city to ever file for federal bankruptcy protection. Detroit emerged from its. West Fort Street Detroit, Michigan () a.m. to p.m. (M-F) Click here to view direction and parking information. Detroit has $18 billion - yes, billion -- in general-obligation debt. That's a lot more than some of the other high-profile municipal bankruptcy cases in recent years. detroit michigan bankruptcy

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Detroit files for bankruptcy protection

To implement the Grand Bargain funding, a new nonprofit affiliate of the Community Foundation for Southeast Michigan was set up called the Foundation for Detroit's Future. After the city delivered three consecutive years of balanced budgets, the commission released Detroit in April from direct oversight.

Some of the investments so far include:. In , Detroit became the largest U. Contact JC Reindl at or jcreindl freepress. Follow him on Twitter jcreindl. Read more on business and sign up for our business newsletter. Share This Story! Post to Facebook. Check out this story on Freep. March : Opponents of Public Act file a lawsuit in U.

District Court in Detroit, arguing the legislation deprives residents of "constitutionally protected rights" and dilutes their vote. March : Public Act goes into effect, granting broader powers to Orr and other emergency managers statewide.

May : Orr submits a preliminary financial and operating plan to the state Treasury Department, saying Detroit's cash-flow crisis makes it "insolvent" and unable to borrow more money. June : Orr unveils to creditors his plans to restructure the city's finances and avoid bankruptcy. The suit, filed against Syncora Guarantee Inc. July : It is revealed that a group of Detroit retirees and city workers filed two separate lawsuits in Ingham County seeking to block Snyder's administration from authorizing a municipal bankruptcy.

July : Orr submits a quarterly financial report to the state July 15 saying the city's financial condition "continues to be dire. July : The city's two pension funds sue Snyder July 17 to block him from authorizing what would be the biggest municipal bankruptcy in U. July : Orr files a petition for municipal bankruptcy on July 18 in U. District Court's Eastern District in Detroit.

July : U. July : Rhodes on July 24 freezes all lawsuits against the city challenging the legality of Detroit's bankruptcy filing, clearing a path for the city to begin to prove its insolvency warrants protection from creditors. August : Orr on Aug. August : Rhodes creates a committee to represent city retirees in the city's bankruptcy case.

The judge also says he wants a mediator and fee examiner. August : A nine-member retiree committee is appointed Aug. October : Orr says on Oct. October : Snyder testifies in Detroit's bankruptcy eligibility trial on Oct. Snyder is believed to be the first Michigan governor in modern history to testify under oath in open court. November : Rosen explores whether regional and national foundations could create a fund that would protect the Detroit Institute of Arts' city-owned collection by helping to support retiree pensions.

December : Rhodes rules on Dec. December : Rhodes on Dec. January : Rosen on Jan. January : Rhodes on Jan. Court of Appeals for an expedited decision on whether Michigan's constitution protects pensions in Detroit's bankruptcy case. January : Snyder announces on Jan. They're not afraid go for a walk, take the dog out, take the kids out," says Art in Motion owner Kay Willingham.

It was once a prime shopping area until the advent of malls and fears over racial unrest caused some Detroiters to flee to the suburbs. Willingham is one of those who stayed in this neighborhood. She says she's called it home for almost 50 years.

Detroit officials are targeting hundreds of millions of dollars to build up neighborhoods already doing well, like those near the Avenue of Fashion. They're getting ready to take the median out, they're expanding the sidewalks, putting in bike lanes. But that's going to be a two-year process.

So for a small business that's a lot to endure to keep business going," Willingham said. It's a problem residents in other neighborhoods stretching across Detroit's square miles say they are longing to face. There was soft rain falling on heavy traffic during a recent evening along Jefferson Avenue, which connects a mostly-barren edge of Detroit with the affluent Grosse Pointe suburbs. Detroit officials have plans to lure new business to the area by providing tax breaks, assembling parcels of land and even offering to match investors' money with grant funding.

And for Detroit community activist Luther Keith, this area seems worlds away from the thriving progress downtown. I'm going to put up the first store front.

I'm going to open the first coffee shop. Keith leads a non-profit called Arise Detroit, designed to bring neighborhood leaders together with agencies and programs in hopes of improving individual communities. He notes that city officials recently announced they will renovate two vacant buildings in this Jefferson Chalmers area to create new residential units, half of them affordable housing for people with low-incomes.

The Detroit City Council has mandated that developers receiving a certain percentage of taxpayer funding for projects, or a discount on land purchased from the city, must ensure at least 20 percent of the units they build are affordable housing. But he says he still hears from many Detroiters barely making ends meet who fear the city is clearing land and tearing down tens of thousands of blighted buildings to make way for new, more upscale residents.

Those Detroiters, Keith says, wonder if people currently living in the city's desolate neighborhoods are being forgotten. Poor people.

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