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.
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.
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.
Detroit’s emergency manager says the city is bleeding much more red ink than originally thought.
The State Tax Commission may launch an investigation into complaints that Detroit is overtaxing property owners through inflated assessments.
The 69-year-old mayor has been swept up in the vortex of despair that has come to symbolize much of Detroit during the past few years. To some, the city’s failings represent Bing’s failure in his third career choice.
Mayor Dave Bing and Detroit City Council are planning their next move ahead of Monday’s deadline to request a hearing in hopes of convincing Gov. Rick Snyder to change his mind that Detroit needs an emergency financial manager.
Records show that nearly half of the owners of Detroit’s 305,000 properties failed to pay their tax bills last year, exacerbating the city’s financial crisis.
A state review team has determined that a “financial emergency” exists in Detroit, and that no plan is in place to resolved it.
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