Detroit's municipal financial crisis may force the city to sell some of its most venerable assets including Belle Isle, City Airport, and even the Detroit-Windsor Tunnel, reports Darren A. Nichols.
Despite positive news for the city on several fronts, Detroit's mounting debt and search for new sources of revenue may force the city to sell some of its crucial assets for a necessary one-time fix, following a path that has been traveled by other communities in the region.
According to Nichols, "If city officials can't come up with a viable budget plan, an emergency manager would have the power to sell assets as part of a financial takeover of Detroit." Of course, the city could sell some of its assets now, to avoid state-appointed emergency management if city officials thought that to be a prudent step. However, as Nichols points out, "Selling off some of the city's most beloved landmarks would come at a political cost, as residents are not likely to welcome losing more of their already shrinking city."
Furthermore, while city officials, including Mayor Dave Bing, seek to find more permanent solutions to reduce the city's costs, others are skeptical that the sale of such assets would even raise enough money to substantially reduce the city's long-term debt.
FULL STORY: Detroit crisis may force sale of crucial assets
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