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APPENDIX<br />
The following section was included owing to ongoing discussions in the Detroit media over the summer of 2013<br />
about the possible sale of the Detroit Institute of Arts collection and other City-owned assets to help meet City<br />
of Detroit debts. When the draft toolkit was circulated for comment, several respondents suggested that such a<br />
discussion be added.<br />
To decrease city debt, you may be faced with the decision to sell off assets<br />
Community and civic assets are vulnerable in cities with high debts, which are likely to be ones with high need/<br />
problems and low ability to meet this need. In July 2013, the city of Detroit filed for bankruptcy, by far the largest<br />
U.S. city to do so. A judicial process will now decide how the city’s debtors will be repaid. As part of this, any<br />
city-owned assets become potential money-raising sale items. Such a sell-off is not planned at time of writing<br />
(November 2013), but the debate over whether such a sell-off will be necessary as part of the ongoing bankruptcy<br />
procedures continues.<br />
Cities own a range of assets that can be sold, such as art collections, park land, prime real estate, golf courses, and<br />
even zoo animals. Often, there are many individuals that would be eager to buy these assets, such as the property<br />
developer that has expressed interest in buying the city of Detroit-owned Belle Isle (the largest island park in the<br />
United States).<br />
The key question is whether you and your fellow citizens want to sell or protect the assets from sale. There are<br />
two key reasons, one financial and one artistic, why you might consider sale:<br />
• If all city services are facing cuts due to a diminishing property tax base, why should assets be exempted?<br />
• If, as is the case with Detroit, the city population has shrunk greatly from its heyday, perhaps the mobile<br />
assets (notably art but also other artifacts and zoo animals) are better off being sold to a museum in a more<br />
populous city?<br />
There are, as Table A1 outlines, a range of reasons why sales of assets might be avoided in all but the most<br />
necessary cases.<br />
Appendix | 166