Opportunity for Detroit

In: Business and Management

Submitted By TampaTwo
Words 1044
Pages 5
On July 18, 2013, Detroit filed for a historic Chapter 9 bankruptcy, the largest city in America to ever do so. Once a very prosperous city, Detroit has seen a material decline in its’ population, from about 1.8 million in 1950 to about 700,000 residents today, nearly 20% of whom are unemployed. This huge decline can be attributed to not only a decline in manufacturing jobs and the automobile industry, but also Detroit’s public safety woes. Coupled with a decreasing tax base and an increasing debt burden, Detroit’s decision and policy makers ultimately drove themselves into insolvency. However, the City of Detroit is taking several measures to try and claw out of the mess they are in in hopes of returning them to the wealthiest US city per capita (again).

Now that Detroit is at its breaking point, the city's emergency manager Kevyn Orr has requested that the Detroits Institute of Arts collection will be appraised by New York auction house Christie’s. An estimate suggests that the collection would be worth well over $1 billion dollars and the appraisal is a crucial step in rebuilding the city and establishing a trust with creditors. Despite numerous denials from Orr and the museum leadership that the art collection will be sold, this has caused an outrage in the art community. Orr has commented that selling the cities assets is a last ditch effort. Detroit and its surrounding communities are actively seeking other means to bring the city back to life.

Detroit has been in economic hardship for decades but recently saw a turn for the better. Modest as they may be, there are sign of recovery starting to appear. This fiscal crisis may be exactly what Detroit needs, as a region once divided it’s finally starting to work together to better the city as a whole. Programs like I Am Young Detroit, Detroit Lives, and Detroit 4 Detroit are the product of ambitious…...

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