DETROIT (WXYZ) - We have new developments in Detroit’s financial crisis.
The informal deadline is today, so are we close to a state takeover of Michigan’s largest city?
The Governor said a week ago today that he would make a decision within a week or so about a takeover of Detroit. He spent significant time a week ago going over his understanding of Detroit’s financial crisis, that it has $14 billion in long-term debt and no long term plan to fix it.
A financial review team, a panel of six experts, recommends a takeover.
Snyder has two options – the takeover or a consent agreement that avoided a takeover of Detroit last year. The Governor said he wanted to meet with city officials – the mayor and city council.
Sources tell 7 Action News he has not met with city council, either in person or had any conversations on the phone.
They’ve had ongoing conversations with the State Treasurer, Andy Dillon, within the last week.
The Detroit Regional Chamber is meeting at MotorCity Casino today. Mayor Bing is expected to speak there today.
Detroit City Council members continue to work behind the scene on a revised consent agreement, but this can still change day-to-day.
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