City of Detroit and state of Michigan reach agreement on funds to be transferred to the city

DETROIT (WXYZ) - As the city of Detroit confronts major financial issues, today Mayor Dave Bing announced an agreement with the state that will bring some funding to the city's coffers.

The city and state agreed upon a set of milestones that the city must reach in order to receive funding from the state that was first layed out in a Financial Stability Agreement signed by both parties in June.

On November 20, the city will be able to withdraw $10 million from an escrow account that was setup as part of the agreement.

On December 14, another $20 million would go to the city.

Today's agreement also lays out a schedule for future payments from the state that are all contingent upon the city maintaining a $50 million balance in the escrow account.

In a statement that accompanied the agreement, State Treasurer Andy Dillon wrote, "While some progress has been made in the city since the signing of the Financial Stability Agreement in June, it is moving slower than what all parties would have anticipated."

 

READ THE COMPLETE AGREEMENT BELOW:

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