ANN ARBOR (WKZO) -- Time is becoming a factor as the City of Detroit and unions try to agree to terms in the bankruptcy settlement.
Detroit Emergency Manager Kevyn Orr told a gathering at the University of Michigan Tuesday that the city could lose millions of dollars. The money has been offered to support city pensions and the Detroit Institute of Arts.
A total of 365-million dollars has been pledged by ten foundations while the DIA has agreed to raise 100-million and the state is giving 350-million dollars. Orr said if an agreement is not reached soon, some of that funding will "go away."