Michigan Gov. Rick Snyder said yesterday that getting $350 million in state money to put toward a global settlement of the Detroit bankruptcy case could be “extremely difficult” if state lawmakers haven't taken action by May, the Detroit Free Press reported today. But Snyder also said that he — like many lawmakers — is looking for retirees, unions and the city to reach some kind of preliminary agreement as a first step that would make it easier to get the funding package through the Legislature. Snyder has proposed adding $350 million over 20 years from the state’s tobacco settlement fund to about $465 million pledged by foundations and the Detroit Institute of Arts as part of a so-called “grand bargain” intended to minimize the impact of the bankruptcy on Detroit pensioners, while preventing a sell-off of DIA artwork. Snyder has said that the state money, which must be approved by the Legislature, would be conditional on a final settlement signed off on by retirees and city employee unions.
