Foundation Group Statement On Detroit's Exit From Bankruptcy
A statement to the people of Detroit and Michigan from a foundation working group, which includes the Community Foundation for Southeast Michigan, William Davidson Foundation, Fred A. and Barbara M. Erb Family Foundation, the Max M. & Marjorie S. Fisher Foundation, Ford Foundation, Hudson-Webber Foundation, W.K. Kellogg Foundation, John S. and James L. Knight Foundation, Kresge Foundation, McGregor Fund, Charles Stewart Mott Foundation and the A. Paul and Carol C. Schaap Foundation:
"We are pleased with Judge Rhodes' ruling that the plan of adjustment is fair and feasible, and glad that the City of Detroit has moved swiftly to resolve the bankruptcy and hasten the start of a new era. As foundations with deep ties to the region and a shared commitment to its future, we are proud to have contributed to a plan that helps put Detroit back in the starting blocks.
The DIA Settlement, commonly referred to as the "Grand Bargain," is a balanced, forward-looking and thoughtful plan that helps the City honor its commitment to hardworking retirees and preserves a key civic asset that contributes to the City's vibrancy and supports the local economy. It would not have been possible without the leadership and sacrifice shown by Detroit's hardworking retirees and public sector unions, whose continued commitment to a better Detroit should be honored and acknowledged today.
We also applaud the diverse group of individuals and organizations that came together behind a common goal to forge a workable agreement, including residents of the region who have been steadfast in their commitment to a more sustainable Detroit; Judge Gerald Rosen, Eugene Driker and the entire mediation team; the governor, state legislators and city and county elected officials on both sides of the aisle; the DIA; and Detroit's business community.
Today is a day of determination for Detroit. With Judge Rhodes' confirmation, the City and its residents can focus on the important tasks of rebuilding institutions, repairing communities, reinvigorating the economy and restoring the trust of its citizens. We are confident in Detroit's future – an optimism that stems from the spirit of positive engagement that exists in the City as it does from today's ruling. As foundations, we will continue our investment in the City, and we pledge to work with all those in Detroit who are leading efforts to advance a better future for an essential American city – a future that is worthy of all those who call Detroit home. "
