Now what? After EM report, can Detroit be saved?
Turnaround expert sees Detroit recovering
In the wake of Detroit Emergency Manager Kevyn Orr's report that shows the city of Detroit in deepening debt and burdened with inefficiencies, some people are asking, can Detroit be saved?
Veteran turnaround expert Jim McTevia believes it can and will be saved.
McTevia looks at downtown Detroit and sees several businesses pouring money into the area.
Read: Detroit's EM Orr: 'You can't argue with the numbers'
"And I think that the business leaders see clearly, reaching into the future, Detroit is going to be a magnificent city," McTevia said.
As he looks at the continuing development, Jim McTevia said the only answer right now is to get more taxes and investment from the likes of Dan Gilbert, Mike Ilitch, Roger Penske and others.
"Do you think they are going to eat any differently the next morning if Kevyn Orr says, you know I need this help from you guys. Can you do this, pay a little more here to help me get through this bad time. and trust my munch, they are going to do it. Will they do it all? Of course not," McTevia said.
Kevyn Orr and Mayor Dave Bing have done as much cost cutting and personnel reductions as they can. Increasing cash flow may be the only answer left, and that is where the business leaders can play a major role.