(WXYZ) - Anticipation is high as Governor Rick Snyder prepares to make an announcement regarding Detroit's financial crisis.
The 7 Action News learned that Governor Snyder will hold a news conference sometime on Thursday regarding his assessment of the Detroit Financial Review Team report.
Under a takeover, a lot could change within the city limits. The controversial Belle Isle lease deal that fell through between the state and Detroit City Council could have new life.
Could Belle Isle go up for sale? Bankruptcy attorney Douglas Bernstein says it's a possibility.
"If the charter doesn't prohibit it, yeah-- that could happen," said Bernstein.
With a state takeover, one person would run the show.
"Part of it is done by cuts, part of it is by generated revenue –so you're looking at any source of revenue possible," said Bernstein.
If there is a takeover in Detroit—Mayor Dave Bing and city council paychecks automatically drop to zero-- plus their staff could be fired on the spot.
Bernstein says the best approach is to make it a collaborative effort between all parties.