We’ve all heard of the financial issues that the city has been having but has it really resorted to this? Read more after jump
Detroit has received many propositions on how to better the cities economic state. Some encouraging the city to sell its historic figures, amusement parks, including an Island park in the Detroit river. Many believe to find much monetary value if sold, in the state-owned assets within the city, including the local property director Rodney Lockwood, who proposed the island be sold. Although many may believe the city to have much valuable assets, the true money within detroit is thought to lie right in their garage. Literally!
“Kevyn Orr, Detroit’s emergency manager, says the City is open to public-private partnerships and believes its nine parking garages, two parking lots and 3,404 parking meters should be attractive to outside investors. ”
The garages are amongst a list of assets that are in talks to be sold out of Detroit. The Detroit Institution of Arts has a collection of paintings that is rumored to be sold, in order to increase revenue, although many say that they doubt this will happen. Detroit’s other major money maker lies within their water and sewage operations, which is something they have no intention on giving up.
“Instead, it plans to work with neighbouring, and far wealthier, districts to establish a new unit that would provide services to the city and its environs and that would continue to have access to the capital markets. Such a deal could unlock $50m-$150m, Mr Orr says.”
The city seems to be going through it right now, what do you think the city is better off doing n order to increase revenue within the city?
Via Financial Times
