Snyder Declares Detroit in Financial Emergency - WLNS TV 6 Lansing - Jackson | Your Local News Leader

Snyder Declares Detroit in Financial Emergency

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Mayor Dave Bing says he will review the city's options and the impact of Gov. Rick Snyder's declaration Friday that Detroit is in a financial emergency.
    
Snyder's action paves the way for the appointment of an emergency manager over Detroit's finances.
    
The city has 10 days to appeal the declaration. A hearing is scheduled March 12.
    
Bing said Friday in an emailed statement that the city can work with an emergency manager if the appointment of one stabilizes the city fiscally and improves the quality of life for Detroit residents.
    
Detroit has a $327 million budget deficit and more than $14 billion in long-term debt.


Detroit's struggling real estate market will hit home for even those in Mid-Michigan.

"Things like the state education tax. This is a state wide property tax. Detroit should be having property value growth and contributing to that in terms of an over all context. As we know it's really challenging and not doing that," said Mark Skidmore an MSU Economics professor. "When you live in a place that is dangerous and lots of challenges and high unemployment and fewer opportunities, the likelihood that you can achieve that goal is much less. So what can we do, not just for now and fixing the city, but what can we do to make sure our young people have an opportunity to thrive and grow."

Snyder declined to name his top candidate for the job.

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