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Much at all.
I wanna go and out of the CEO of Detroit's greater chamber of comment commerce San Bieber we also have Jim huge help.
He's an attorney that specializes in municipal bankruptcies -- -- both -- and start with you what do you think is the best way forward for the city.
Well unfortunately bankruptcy is really the only route forward for us it's unfortunate that we've let it get to this point.
But this is that they did current course is not sustainable.
By any stretch the imagination.
Here -- previous guest Michael he wants is.
Pension folks paid I pray that we understand that but there's there's no money a -- and now after exactly so we we we have to do something pretty radical.
Something drastic Jim do you agree without.
Yes I think -- the real key to any successful.
Chapter nine is not only.
Adjusting the -- but also coming up with a recovery plan short something that will stimulate the business community.
Improve infrastructure and services so that business and employers -- to come in and hire people people wanna live there without.
You just continue the same problem even though you may have lowered the depths burden and -- You know and -- county judge has ordered the governor to take this back out of bankruptcy court do you think that I mean obviously they're gonna appeal that how far do you think that goes and you think.
This city really goes into bankruptcy or doesn't.
One reason why no major city.
Of any stayed up -- -- his filed chapter nine and have found working with the state and others.
Out of court solution.
Is because once you get into court one -- one proceeding begets another.
And then obviously we see the complications.
The last thing you want to do -- -- litigation meltdown.
As opposed to a recovery plan to help to true yeah.
Find its path forward and upward.
-- what you think is that path forward because you're looking at a city right now.
Where there are 40000 buildings right now and homes that are on occupied 36%.
Of the population.
Lives below the poverty line you know the population has gone from two million people to 700000.
From its peak I mean there are some very serious problems crime is on the rise businesses are obviously fleeing.
And most importantly the city spent a hundred million dollars more every single year than it took in.
Since 2008 what's what do you do.
To bring this city back to life.
Almost all the points you just mentioned were -- except for the point about businesses playing.
There's been twelve billion dollars of private sector investment.
In this city of Detroit just in the last five years 121000 new jobs in downtown Detroit the last memory -- -- -- double what it is elsewhere that.
The idea the unemployment -- -- at the city is a hold the neighborhoods are completely different story.
And what's happening in the central city downtown court or it really is a tale of two cities that businesses are doing well.
There are increasing their their market share they're bringing people in downtown is becoming a vibrant place that is very -- the bowl.
The neighborhoods however are struggling greatly.
And but the city itself the city finances that is the big challenge and Jim is exactly right.
Bankruptcy is just a tool it's not the end -- have itself.
We have to use this opportunity of bankruptcy to restructure how government deliver services and they need to do it in a Macho Harris C action telling what the answer is.
Well again you know you -- you just like you know the auto companies who went through bankruptcy.
They just didn't go through and fix their balance sheets they fixed the way they did business.
They provided better services or in this case better products.
This city needs to provide better services that'll attract yet more people to come in if you make the city -- -- UP UB provide better services.
And we're proving in the downtown core that is very possible -- seeing the benefits of that.
Every day Jim I mean it's it's about cutting spending it's also about generating revenue and I I think the only way you do that is by creating jobs I mean I have to bring in.
Businesses with a lot of jobs real headquarters.
How can they make -- the city attracted do you think from a financial perspective Jim what do you think.
Well I think that's that's the key finding a recovery plan that will.
Make sure that there are educated workforce there.
Improving your schools that's part of the infrastructure.
Making sure business wanna be there because -- justice Cindy said making sure the environment is there -- safety and otherwise.
And -- one of the things in -- it's been done in the past.
You have to look at the city -- it may be that they may want to say.
There's a certain area that we're gonna call -- redevelopment area.
And develop it encourage business to move him give incentives to people have to live there -- -- have a business there.
Give schools that are charged with educating the workforce for the businesses that promise to come and employ.
CD it's exactly what is he is is you need to have somebody like Google come in and say.
We're gonna building -- building.
We're gonna play several thousand people I mean you need to attract some forward looking company and its gonna hire a whole bunch of people what -- this city do.
Tomorrow to make that happen.
What do you but that's that's my point in downtown that is already happening.
And you know again 121000 new jobs just in the last three -- asked about how so because look what's going on in the city.
Yeah no I -- well the you know the hygiene factor if you will of attracting that outside capital.
Is this city finances.
It's really difficult for a business that may be located in Sao Paulo or Chicago or LA.
To invest in -- city that has the severe financial problems and the city of Detroit does.
And that's why we have been as an organization is a business community.
Really -- the governor raw and to put an emergency manager and in the office he's done that we applaud him for that.
In bankruptcy seems to be the best route forward at this point we're saying.
If he had -- do it let's do it that's -- get it over with get the pain over with sandy Jen thanks about the -- Next -- money to chickens come.
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