Jan. 16 (Bloomberg) — Michigan Governor Rick Snyder asked legislators to back at least $330 million over 20 years to help Detroit emerge from bankruptcy, matching an offer floated this month by a group of private foundations.
Snyder, a Republican, wants the state to match the gifts from the foundations and other donors, according to a person who requested anonymity because of confidentiality rules in mediation talks. The deal would preserve pensions for Detroit retirees and avoid the need to sell works in the Detroit Institute of Arts to pay creditors, the person said.
The proposal marks a new direction for a governor who has said he opposed a state bailout that focuses only on reducing the city's $18 billion in debt. Republicans dominate the legislature, while Detroit, the decayed auto-industry powerhouse and the state's largest city, has been a Democratic stronghold for decades.
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