The Motor City is the not the only victim of the largest municipal bankruptcy in U.S. history. Local governments across Michigan are now encountering substantial obstacles to borrowing amid concerns about the security of municipal bonds.
"Two weeks after Detroit declared bankruptcy, cities, counties and other local governments in Michigan are getting a cold shoulder in the municipal bond market," reports Mary Williams Walsh.
"Detroit’s bankruptcy, the largest ever by a municipality, has raised fundamental concerns about the safety and security of municipal bonds, certainly in Michigan but potentially elsewhere in the country, too," she adds. "The municipal bond market appears to be sending Michigan’s cities a message that no matter how well rated they are, they are going to have to postpone their plans and projects or pay more for them."
"Putting a city’s 'full faith, credit and taxing power' behind a bond no longer means what it did in the past, anywhere in the state, critics say. The governor and Mr. Orr have said they are not concerned about the effect of the bankruptcy plan on the municipal bond market as a whole. But other participants find their treatment of indebtedness profoundly disturbing, and their anxiety has spilled over to other Michigan municipalities."
FULL STORY: Woes of Detroit Hurt Borrowing by Its Neighbors
Detroit Still a Long Way from Recovery
It's fun to write miracle comeback stories, but the epic of Detroit's resurgence has been exaggerated, according to an article in The Conversation.
Lessons from Masterminds of Detroit's Rebirth
The enthusiasm of Detroit's new civic leadership, who engineered its bankruptcy and set up its recovery, is infectious. How the city will ultimately fare, and how other troubled cities learn from Detroit's mistakes, remains to be seen.
Judge Allows Detroit Bankruptcy to Proceed
U.S. Bankruptcy Judge Steven Rhodes ruled today that the city of Detroit is eligible for bankruptcy protection, allowing the city to proceed with the largest municipal bankruptcy in U.S. history. Public employee unions are expected to appeal.
Rethinking Redlining
For decades we have blamed 100-year-old maps for the patterns of spatial racial inequity that persist in American cities today. An esteemed researcher says: we’ve got it all wrong.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
California High-Speed Rail's Plan to Right Itself
The railroad's new CEO thinks he can get the project back on track. The stars will need to align this summer.
‘Displaced By Design:’ Report Spotlights Gentrification in Black Neighborhoods
A new report finds that roughly 15 percent of U.S. neighborhoods have been impacted by housing cost increases and displacement.
Nevada and Utah Groups Oppose Public Land Sell-Off Plan
A set of last-minute amendments to the budget reconciliation bill open up over half a million acres of federally managed land to sales.
More Than a Park: A Safe Haven for Generations in LA’s Chinatown
Alpine Recreation Center serves as a vital cultural and community hub in Los Angeles' Chinatown, offering a safe, welcoming space for generations of Chinese American residents to gather, connect, and thrive amidst rapid urban change.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
City of Clovis
City of Moorpark
City of Camden Redevelopment Agency
City of Astoria
Transportation Research & Education Center (TREC) at Portland State University
Regional Transportation Commission of Southern Nevada
Toledo-Lucas County Plan Commissions