ICYMI: Detroit is back!

Categories: Blog Features,In Case You Missed It,Reinventing MI

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BREAKING
: Bankruptcy judge approves Detroit’s all-encompassing plan to revive and reform the city.

Federal Judge Steven Rhodes approved Detroit’s plan to overcome its historic bankruptcy today after the state, city and private entities worked tirelessly to resolve the challenging issue.

The Motor City received guidance from emergency manager Kevyn Orr—who filed for bankruptcy on the city’s behalf in July 2013—and facilitated the reevaluation past economic and management decisions. This spring, Michigan House Republicans stepped in under the leadership of Rep. John Walsh to participate in the bankruptcy and protect Michigan’s hardworking taxpayers with a bipartisan settlement plan.

It’s an exciting time in Michigan. The city of Detroit has a vibrant, renewed energy, and I’m certain Michiganders will feed off that energy as we all work together to return the city to its former glory.

–Rep. John Walsh, May 22, 2014

Necessary but understandable pension cuts, the preservation of  DIA assets and creation of the Financial Review commission mandated by House legislation were a few key components to Judge Rhodes’ approval of the plan.

The city will recieve $816 million over 20 years from nonprofit foundations, the State of Michigan and DIA donors in order to overcome this historic economic hurdle.

The federal trial wrapped up early last week after months of testimony and—after rigorous scrutiny—the plan to eliminate more than $7 billion in debt and reinvest in the city’s public services and restoration was ruled “fair and feasible.” The plan was even cited as having a “miraculous” outcome for pensioners.

Though it’s been a tiresome and arduous process, everyone involved has been dedicated to righting wrongs and preparing the city for a prosperous future. The City of Detroit is expected to emerge from bankruptcy within weeks, fostering a bright future that has already begun.