Tag Archives: bankruptcy

Big City Projects Fight ‘Urban Blight’ – US – CBN News – Christian News 24-7 – CBN.com

“Some of these cities waited for somebody to come and solve their problems for them. That day is no longer with us,” Uwe Brandes, executive director of the Masters Program in Urban and regional Planning at Georgetown University, said.

Since 2010, eight cities and towns have filed for bankruptcy. The economic crisis has led residents to join forces to find creative ways to rescue and rebuild their communities.

“My friend and I had this idea, well, why don’t we just grow food in the city. Seems like a really easy plan right?” Cheryl Carmona, in Baltimore, Md., said.

From that idea grew Boone Street Farm, an urban garden in a rundown East Baltimore neighborhood.

via Big City Projects Fight ‘Urban Blight’ – US – CBN News – Christian News 24-7 – CBN.com.

$300 Million Pledged to Save Detroit’s Art Collection – NYTimes.com

In a statement issued by the United States District Court for Eastern Michigan, mediators called the foundations’ agreement “an extraordinary and unprecedented effort to help resolve two very challenging sets of issues — the underfunding of Detroit’s two pension systems and the preservation” of the Detroit Institute “and its iconic art collection.”

via $300 Million Pledged to Save Detroit’s Art Collection – NYTimes.com.

Detroit’s abandoned buildings draw tourists instead of developers – latimes.com

http://www.latimes.com/nation/la-video-tourists-flock-to-detroit-to-view-the-ruins-20131224,0,1389837.premiumvideo

Photographers have flocked to the city to capture the decline; two French photographers even produced a book, “The Ruins of Detroit.” But since the city declared bankruptcy in July, hotels say they’ve seen an uptick in visitors inquiring about the ruins. So have restaurants in the up-and-coming district of Corktown, near the abandoned train station.

via Detroit’s abandoned buildings draw tourists instead of developers – latimes.com.

Judge OKs Detroit bankruptcy filing but questions selling DIA art – latimes.com

Detroit Institute of Arts

An Alexander Calder sculpture, ‘Young Woman and Her Suitors,’ at the Detroit Institute of Arts. (Paul Sancya / Associated Press)

At the moment, the Detroit mess pits the museum, which has vowed to take legal action if necessary to defend its art, against city creditors who include current and former municipal workers, who fear seeing their pensions shaved in bankruptcy proceedings.

Also in the mix are the region’s voters, who in 2012 approved a special ten-year property tax increase intended to generate $23 million a year for the DIA to make it financially secure. Officials in Oakland County have made it clear that selling art to satisfy the city’s debts will violate the terms of the tax vote, ending its participation in financing the museum.

“Oakland County and the entire region have a vested interest in protecting our art,” county treasurer Andy Meisner told the Detroit News. “Judge Rhodes’ statement is a clear indication that the sale of this world-class art collection has no long-term financial benefit for the city.”

via Judge OKs Detroit bankruptcy filing but questions selling DIA art – latimes.com.

Detroit foodies promote urban farming as way to fight blight, grow economy | Crain’s Detroit Business

Detroit, which filed an $18 billion bankruptcy July 18, is reeling from the loss of more than 435,000 jobs in its metro area from 2000 to 2010, according to federal data.

Greg Willerer is embracing urban agriculture in Detroit. By selling at farmers markets, local restaurants and a community-supported agriculture project that sells his goods directly to consumers, Willerer said he can make $20,000 to $30,000 per acre in a year.

This has left it with an abundance of underused property. The city is spread over 139 square miles and has an estimated 150,000 vacant and abandoned parcels, according to a report this year by Detroit Future City, a planning project created by community leaders.

Converting some of that land to farming could clean up blight and grow jobs, regional officials say. With sufficient consumer demand and the emergence of a local food-processing industry, 4,700 jobs and $20 million in business taxes could be generated, according to a 2009 study.

“It will help,” said Mike DiBernardo, an economic development specialist with Michigan’s agriculture department. “We have so much blighted land that we can create opportunities for entrepreneurs, and we can give people in the community something to be excited about.”

via Detroit foodies promote urban farming as way to fight blight, grow economy | Crain’s Detroit Business.