Detroit Shows Improvement, Promise 1 Year out of Bankruptcy

[SpartanDem]

Source: ABC

A year after its exit from a brief but embarrassing bankruptcy, Detroit suddenly has something it long lacked: money to spend.

After paying down debt and other expenses, the city's budget is projected to have a $35 million surplus for the fiscal year that began July 1. That's a major improvement from a few years earlier when it often struggled to find the money for worker paychecks.

Thursday marks the anniversary of the end of Detroit's bankruptcy, and changes are noticeable across the city.

So far, the city has met all the targets it agreed to under the bankruptcy, such as developing a four-year financial plan and reaching a collective bargaining agreement with a major union. As a result, a bond rating service upgraded Detroit one notch this year, citing income tax growth and other improvements.

Read more: http://abcnews.go.com/US/wireStory/detroit-shows-improvement-promise-year-bankruptcy-35661881

[Kilgore]

1. I wish Detroit luck

The key will be good leadership and a the willingness to fiscally sane.

[Proserpina]

2. Yeah, the vultures think the carrion is ripe enough to gobble down now

disgusting

[FrodosPet]

3. Do you live in or near Detroit?

Have you been closely following what's been happening here over the last few years, or perhaps even decades?

Why does damn near everyone in the world get so giddy about slamming Detroit, and doubting or disclaiming any bit of good news about the city?

[Proserpina]

5. Mom was born and raised there, I now live 40 miles away and get to the city several times a year

She was 14 when the riots sent the National Guard down grandma's street, and she rode the city bus past burned out houses.

I come from 3 generations of Detroiters, not counting the immigrants.

Why don't you find someone else to bother?

[navarth]

7. Mom was born and raised but not you?

Just trying to understand.

I wasn't really sure what your post was about, couldn't tell whether you were bashing the city or the people who are being positive about it?

Not looking for a fight, just confused about what you are saying.

[FrodosPet]

8. No intentions to offend. I apologize.

I am just a bit over-sensitive to criticism of Detroit.

I want this city, and particularly the people in the city, to recover and thrive.

[navarth]

10. I'm with you, FP.

But consider this: anybody that don't like us....we're better off without their stiff ass hangin' around anyway.

I always said the bad reputation kept the squares out.

[navarth]

9. I think there's still some residual fear and ignorance on the subject

but things are definitely improving. I doubt I could afford a place in Midtown, it's getting gentrified fast. And Midtown is the coolest place to live around here. For me anyway. I spent 3 of the coolest years of my life there.

[romanic]

4. There's a huge difference downtown.

Along with some of the other areas attracting young workers like Midtown, Corktown, New Center, Eastern Market, etc. There's a lot of land around that's empty just waiting for redevelopment (including a proposed development in Brush Park).

But even if the city's finances improve, I fear the outer areas like Brightmoor will never see any kind of change. Too far from the core of the city's redevelopment.

[FrodosPet]

6. Even Brightmoor is cleaning up a little bit

I've only been there a couple times recently, but some of the worst of the worst is getting torn down.

[AngryAmish]

11. Rahm, pay attention.

[Octafish]

12. WDET and Wayne State just finished hosting Gov Snyder and Bankruptcy Judge Rhodes...

...About an hour ago - Wed., Dec. 9. They were part of a public discussion on "The Detroit Bankruptcy: One Year Later." A public Q&A with local journos in front of a live audience at WSU.

Detroit Mayor Duggan was supposed to go on, but the organizers canceled as the crowd -- attended by many of the city employees whose health care and benefits were slashed as part of the restructuring -- was very hostile and much agitated, booing Snyder and Rhodes and shouting them down during their speeches.

It was an amazing webcast.

[Skittles]

13. rooting for Detroit

yes indeed

[Festivito]

14. ... not from the article ...

Quicken Loans owner Dan Gilbert moved from urban-suburbia north of 8 mile south into Detroit bringing ONE: Money and TWO: people. Pot was dropped to an unenforced misdemeanor decreasing drug dealers.

Downtown buildings were abandoned for years, wires and anything metal pillaged, trashed, tagged, nefariously used, disgustingly used, left to rot unheated uncooled, some infested with pigeons.

Buying and renovating buildings is astute business decision. The 2B$ man I hear is now 8B$ no longer paying rent in the north of 8 Mile city of Southfield, instead owning his digs that come complete with highways and space.

He probably does something similar in Cleveland.

His employees are renting near their work, paying Dan even more money as he buys the buildings throughout the city center. Almost every building downtown is being renovated into apartments. Other companies are jumping on board before everything is taken.

In times past people tried to bring Detroit back. They had either money or people.

Dan had both.

There are some winners and some losers in all this. At least it is fun for the moment.

--Fes. Lifelong Detroiter.