Business

This cash-strapped city reached a deal Wednesday evening to restructure its debt and overhaul operations to avoid having a state-appointed manager take sweeping control of Detroit’s struggling finances. More >

Governor Snyder says he’s still talking with Detroit officials about an agreement to keep the city financially afloat. A state review team has already declared a “severe financial emergency” in Detroit. That means they’ll recommend some kind of state intervention to keep the city from going broke.

The Governor says talks continue over what a “financial stability agreement” will look like.

Detroit Mayor Dave Bing said on Wednesday the city will look to renegotiate about $400 million in debt a day after Moody’s downgraded the city’s credit rating deeper into junk territory. More >

Governor Rick Snyder continued his push for a consent agreement to save Detroit from the financial abyss, presenting city officials and a state-appointed review board with a draft on Tuesday.

The document would keep the mayor and city council in power but create a nine-member financial advisory board that would have considerable oversight of Detroit’s finances, including approval of its budget and debt structures.

Detroit Mayor Dave Bing, under pressure to stanch cash outflows, unveiled a new plan Wednesday night that would allow property owners in the city to buy vacant city-owned lots for $200.

The initiative, which Bing said is designed to “reduce blight in our neighborhoods,” specifically targets 500 home owners who have vacant city land sitting adjacent to their own property.

Some good news for DDOT riders: Detroit Mayor Dave Bing unveiled brand new buses, as well as a new leader for the city’s problematic public transportation system. More >

Home prices fell for a third straight month in November in nearly all cities tracked by the Standard & Poor’s/Case-Shiller home-price index. The declines show that most homeowners are not reaping the benefits from some signs of an improving housing market.

Prices dropped from October in 19 of the 20 cities tracked. The biggest declines were in Atlanta, Chicago and Detroit. Phoenix was the only city to show an increase.

The United Auto Workers on Sunday night called its local union plant officials to Detroit for a Tuesday meeting in anticipation of reaching an agreement with Ford Motor Co on a new four-year contact, the UAW said. More >

You want to know why people are angry with Detroit’s government? Because they have every right to be.

Look at the events over the past weeks: a three-year-old dies in an east-side house fire. The first fire truck dispatched to the scene had no ladders and no ability to pump water. More >