The shape of Detroit’s financial future and city leadership could be determined in the week ahead.
Add Hamtramck to the list of Michigan cities that now have an Emergency Manager.
Governor Rick Snyder was in town to speak to a group of college interns about their work experience and staying in Michigan after graduation.
The City Council voted in favor of an emergency manager last week after Gov. Snyder declared a financial emergency. It will be Hamtramck’s second manager since 2001.
Last Friday, the emergency manager for Detroit laid out plans to avoid bankruptcy. And now, Pontiac’s emergency manager gets his turn.
Creditors, bond holders and unions are meeting with Detroit’s state-appointed emergency manager Friday to hear his plan to keep the city out of Chapter 9 bankruptcy.
“It would take 68 years to pay off the debt assuming you incur no further debt – that’s not feasible,” said Orr during the evening meeting.
Gov. Rick Snyder will appoint a team to review the finances of the Pontiac Public Schools.
Detroit’s emergency manager is hoping to avoid bankruptcy for the city by trying to settle debts with creditors for just pennies on the dollar.
One of the emails specifically states its being sent from a private account “to stay below the radar for a few weeks on Detroit planning.”