Governor Rick Snyder says pensioner approval of Detroit’s grand bargain sets the city up for a faster recovery.
But as The Michigan Public Radio Network’s Jake Neher reports, Snyder admits the bankruptcy process is still far from over.
The so-called “grand bargain” is designed to prevent deep cuts to retirement benefits and protect city-owned artwork at the Detroit Institute of Arts. Judge Steven Rhodes will make the final decision on the restructuring plan after a trial that’s set to start next month.
Governor Snyder hopes this week’s overwhelming vote in favor of the plan will make the next steps easier.
“As we go into the trial phase, which will be happening in mid-August, hopefully this will be a big encouragement to the judge to say let’s wrap up the bankruptcy so we can get back to normal conditions in Detroit,” he says.
Snyder says he’s more confident than ever Detroit will emerge from bankruptcy this fall.