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Gov. Snyder: Detroit settlement plan builds solid fiscal foundation with safeguards for taxpayers

All of Michigan benefits from a stronger Detroit

Thursday, May 8, 2014

LANSING, Michigan – Gov. Rick Snyder issued the following statement on the bills introduced in the state House of Representatives today addressing the state’s contribution to a proposed settlement to mitigate cuts to Detroit retiree pensions and keeping the city on its path toward revitalization:

“This settlement plan builds a solid fiscal foundation for Detroit’s continuing revitalization while creating safeguards to protect taxpayers – moves that will build a brighter future for all of Michigan. The legislation offered today reflects the commitment from our partners in the Legislature to work together to help Detroit pensioners and ultimately save taxpayers millions of dollars as momentum builds to solve problems that have dragged on for far too long.

“A settlement will allow us to more quickly resolve the challenging but necessary bankruptcy in Detroit. The city’s long-term viability is essential for its 700,000 residents, who already are seeing improvements in vital services and their quality of life. But all of Michigan benefits from a restored Detroit. Our largest city is known throughout the world. Detroit shouldn’t be known for its struggles, but its renewal – as the comeback city in the comeback state.”