MACKINAC ISLAND -

The biggest names in Michigan business and politics will be at the Grand Hotel on Tuesday for the Mackinac Policy Conference.

With Detroit close to exiting from bankruptcy, the possibility for meaningful change is within reach.

It has been a tumultuous year: the state's largest city filing for Chapter 9, an emergency manager tasked with getting this nonfunctioning train of a city back on the tracks and fixing the books.

To that end Kevyn Orr will be giving the final keynote address at the annual Mackinac Policy Conference this week as the state Senate is set to vote on a $194 million bailout for Detroit.

"Without this settlement make no mistake about it, we will have to go back to the drawing board but there could be very likely significant cuts," said Orr.

Assuming the Senate inks the deal, where does Detroit go once Orr is gone? Detroit's new mayor Mike Duggan is on the island as well, sharing his vision for what Detroit needs and what his plans are to keep the momentum going.

Orr will hand Duggan a city where the heavy fighting as far as the debt has been taken care of, but on Duggan's plate is plenty.

"It is really troubling how little work was done," said Duggan.

Everything from a non functioning IT infrastructure, a historical crime problem and blight that takes your breath away.

Last but certainly not least, it is an election year and the two races to watch are those for Wayne County executive and the race for U.S. Senate to replace Carl Levin. Both Gary Peters and Terri Lynn Land will be hustling for money and endorsements, and have a matchup early Wednesday morning.