The City of Detroit Just Got a Huge Bailout

The state funds will join commitments from 12 foundations and the Detroit Institute of Arts to shore up Detroit’s two retirement systems. The city’s art museum and its assets would be transferred to a private nonprofit.

A delighted Republican Gov. Rick Snyder and allies are hoping Tuesday’s approval of the state money will immediately persuade tens of thousands of retirees and city workers to get behind the unusual pension and art rescue. They are in the midst of voting on the deal their leaders — and now lawmakers from both parties — have endorsed.

“I clearly encourage everybody to vote ‘yes,’” the governor said during a news conference. “A protest vote is not helpful.”

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