"Financial Armageddon" coming to Wayne County?

[DetroitBoy]

No, what I said was that Evans and his crew need to move quickly to resolve the financial crisis and making the deal with Dan Gilbert can help expedite that process.

As bloated and bureaucratic county governments go, Wayne County is probably one of the worst. You can't fix structural debt without eliminating liabilities on a balance sheet and that means cooresponding assets have to be shed to do that. What other sources of income do they have? Who would buy bonds from a county that is broke no matter what the promised rate of return? And what is the positive outcome of letting the fiasco of a failed jail project sit there decaying for 3- 5 additional years? Will that help with the recovery of the largest city in the county by remaining an eyesore let alone the additional cost of holding on to it plus operating the facilities that it was built to replace?

The County leadership needs to grasp the concept that pouring more money into a failed project based on the fact that they already misspent millions, doesn't make any sense. There is no way to recover a sunk cost. This project has most likely contributed to the financial "armageddon' they announced.

There aren't a lot of white knights out there willing to write a check for buildings that will be sold for pennies on the dollar if they went though formal bankruptcy proceedings. But like everything else in Wayne county, they will jack around with it and argue and have meetings and go in a circle while the ship continues to sink. Hopefully, they won't take the Detroit recovery down with them.