The "Grand Bargain" which has pulled Detroit out of bankruptcy was a combination of efforts from the state, labor, and philanthropy; Howard Husock argues it is a model for other cities.
"It’s no small surprise to find Detroit just behind Singapore on the Wall Street’s recent list of “Five Cities That Are Leading the Way in Urban Innovation.” Long synonymous with population loss and crime, Detroit has emerged from bankruptcy and set out to start special zones where it will be cheaper and easier to start new projects. That Detroit would be on the same list as Singapore owes a great deal to its successful 2014 emergence from bankruptcy, on to a solid financial footing that has made it possible to (literally) turn its street lights back on and restore the core city services any new development needs.
"For that, a lot of credit must go to a bold step undertaken by a group of leading foundations, who combined to direct some $366 million toward paying down the city’s paralyzing pension debt—a key part of a so-called “grand bargain” that has given Detroit what amounts to a do-over."--Howard Husoc, Forbes
