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:: The financial resources available greatly influence the level of economic development planning and undertakings. A lack of development capital has crippled investment in Detroit for many years, although several new programs are aimed to curb this deficiency and spur growth and development. New initiatives include the Detroit Community Development Corporation whose focus is investment on Detroit's Eastside, the One Stop Capital Shop that operates within the Empowerment Zone and heightened involvement from local financial institutions. Traditional Financing :: Wayne County is well served by financial institutions that provide traditional lending services such as personal and commercial loans, and a number of urban development initiatives. Bank mergers in recent years have changed the banking industry nationwide by expanding the lending capacity of most institutions. A two-tiered bank system has developed in metropolitan Detroit. There are a few very large banks that hold a great majority of the region’s asset and dozens of smaller community banks, which typically serve their immediate geographic areas. Wayne County & City of Detroit Bonding Ability :: The County has steadily improved its credit rating over the past 12 years. Bond rating upgrades have been assigned nine times by the major bond rating agencies. The improved credit position translates into lower overall interest rates on County bond issues, thereby reducing interest expense. The following are bond ratings for Limited Tax General Obligation Bonding in 2002, a notable improvement since 1999. Fitch
ICBA Investor's Service: A :: Bonding capacity of the County is based on 10 percent of the State Equalized Value of taxable properties in the County, which was $4.4 billion in September 2001. :: The City of Detroit has also benefited from an improved credit rating over the past few years. Currently, the City of Detroit General Obligation Debt Ratings are as follows: Fitch
IBCA Investor’s Service: A |
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