The $300 million in federal and private aid announced Friday for Detroit is just a drop in the bucket compared to the city's $18 billion debt. While the aid is far short of a bailout, it represents a down payment on the city's recovery.
"Top Obama administration officials and local leaders unveiled a strategy to bring $300 million in federal and private-sector help to Detroit today to fight blight, improve the city’s struggling bus system, boost public safety and encourage business growth in a city fighting for survival in bankruptcy court," report Matt Helms and Todd Spangler.
"The money will include $150 million for blight removal and redevelopment. Of that, a $65 million block grant and $25 million in public and private funding will be used to demolish vacant commercial buildings," they note. "The $300 millions will also include $14 million for transit and $25 million to hire as many as 140 firefighters."
“This is critical,” said emergency manager Kevyn Orr. “We still are in a bankruptcy. We’re still going to have to go through that process, we’re still going to have to work our way through the debt, but this is aimed at neighborhood revitalization.”
FULL STORY: $300M federal, private boost for Detroit: 'We are going to do everything we are capable of'
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