Reuters: Bankruptcy News: Detroit signs deal to lease Belle Isle to state

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Detroit signs deal to lease Belle Isle to state Oct 1st 2013, 19:56 By Joseph Lichterman DETROIT | Tue Oct 1, 2013 3:56pm EDT DETROIT Oct 1 (Reuters) - The state of Michigan signed an agreement Tuesday with Detroit to lease Belle Isle park, saving the city at least $4 million in annual maintenance and operation costs for the recreational landmark. Leasing the park in the Detroit River has been a priority for Detroit Emergency Manager Kevyn Orr since he was appointed in March. The Detroit City Council failed to approve a similar plan in January before a deadline set by Republican Governor Rick Snyder. Under Michigan's emergency manager law the city council has 10 days to approve the 30-year lease with two 15-year renewals. If the council rejects the lease it would have seven days to propose an alternative plan to save the city the same amount or more. A state emergency loan board would then need to approve one of the proposals. The state said it plans to spend up to $20 million to improve the park during the first 18-36 months of state management. Belle Isle was established as a city park in 1881. Detroit filed the largest municipal bankruptcy in U.S. history in July, and is struggling to overcome more than $18 billion in debt and other liabilities. (Reporting by Joseph Lichterman; Editing by Richard Chang)

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