Policy: Budgets & Deficits

Snyder to sign Detroit bankruptcy bills Friday

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News,Business,Detroit,Entitlements,Michigan,Budgets and Deficits

LANSING, Mich. (AP) — Michigan Gov. Rick Snyder says he'll be in Detroit on Friday to sign legislation designed to help Detroit emerge from bankruptcy.

The morning signing will be at the historic Globe Building along the Detroit riverfront.

Henry Ford is believed to have worked at the site as a young apprentice, and the state Department of Natural Resources now is redeveloping it as an adventure and discovery center within the William Milliken State Park.

The legislation includes a $195 million state payment toward a broader deal to prevent steeper cuts in city retiree pensions and the sale of parts of the Detroit Institute of Arts collection.

Lawmakers insisted on state oversight of Detroit finances before committing the money.

Foundation leaders, lawmakers, city officials and others plan to be at the bill-signing ceremony.

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