September 10, 2014

Detroit bankruptcy and life after

What kind of life will Detroiters have in the afterlife of bankruptcy? The citizens of Detroit, and those working on behalf of them, must focus not only on the short term objective of getting the city out of chapter 9, everyone must stay razor focused on using this legal action of restructuring debt in a manner that gives the city the best chance to prosper and flourish.
During the trial it has been mentioned that in order for the city to have a solid future it must grow its middle class and thus its tax base. This is not going to happen without a good public school system.

Detroit is in a better position to do this than other cities facing similar problems because of the billions of dollars of assets stored at the DIA. If the Grand Bargain is finalized this opportunity will be gone forever. Instead, the art should be sold as needed and invested in creating the best public school system in the state. This, along with improved public safety will grow Detroit's middle class. For most parents there is nothing more important than helping their children to have a better future. It is recognized that providing a superior education is one of the key factors that will make this happen.

Allocating a significant portion of the proceeds from the sale of art would allow the DPS to reduce class sizes to levels competing with some of the best private schools in southeast Michigan. An increase in the middle class will result in higher property values resulting in a higher tax base resulting in better services offered by the city.

Detroit should not give away this opportunity by surrendering ownership of its art under the Grand Bargain. The Grand Bargain is grand for the DIA and not the citizens of Detroit. More

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