Grand Bargain

michigan.gov

Snyder: Pensioner approval of grand bargain sets Detroit up for faster recovery

Gov. Rick Snyder is praising Detroit pensioners for approving the city's bankruptcy restructuring plan.

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.

Snyder says the vote this week makes it more likely the city will emerge from bankruptcy soon.

Wikipedia

An effort by deep-pocketed philanthropists to save the bankrupt city of Detroit's art treasures culminated today when Michigan Governor Rick Snyder authorized $195 million in state help. The bill signing in Detroit was part of what's dubbed the Grand Bargain. The deal also includes $366 million from foundations and a $100 million fundraising pledge by the Detroit Institute of Arts.