10.11.2014 Views

bQNs7mR

bQNs7mR

bQNs7mR

SHOW MORE
SHOW LESS

Create successful ePaper yourself

Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.

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

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!