CHICAGO — Michigan Gov. Rick Snyder has asked lawmakers to come up with $350 million to match private foundations' commitment to support Detroit's pension funds and art collection, according to the Detroit News.
It would mark the first time his administration has floated the idea of state financial support for the bankrupt city.
Snyder's plan calls for the state to tap its tobacco settlement payments or bonds to come up with the money, according to the News report.
Snyder reportedly met privately with Republican and Democratic caucuses and Detroit legislators Wednesday to discuss the idea. He delivers his state of the state address tonight.
Chief District Judge Gerald Rosen, who is acting as mediator in the city's Chapter 9 case, also met with lawmakers in late December to discuss legislative efforts to support the city, according to local reports.
A group of private foundations Monday unveiled a plan to raise up to $500 million that would be pledged to the city's underfunded pension liability. In return, the city would promise to protect the storied art collection in the city-owned Detroit Institute of Arts.
The group has already raised $330 million.
