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Michigan Senate Approves Detroit Bankruptcy Settlement, Legislation Now Headed to Gov. Snyder’s Desk

Michigan Senate Approves Detroit Bankruptcy Settlement, Legislation Now Headed to Gov. Snyder’s Desk

In a historic moment for the city of Detroit, its metropolitan region and state of Michigan, the Michigan Senate approved the Detroit bankruptcy settlement legislation. With Governor Rick Snyder’s signature, this legislation will not only provide $194.8 million toward Detroit’s bankruptcy settlement, but will also ensure protection of the art inside the Detroit Institute of Arts and drastically mitigate cuts to city employee pensions.

Today’s vote is a confirmation of a major theme at the 2014 Mackinac Policy Conference: Michigan’s business and civic leaders are coming together across political and geographic lines to support Detroit’s rebirth. Through the support of Governor Snyder, Detroit Mayor Mike Duggan and the Detroit City Council – coupled with a philanthropic and surging business community – the stage has been set for a strong Detroit comeback.

The Chamber is proud to be a leader in such a critical issue and looks forward to Governor Snyder’s expected signature.