Pontiac Headed for Rebound Amid Financial Woes?

PONTIAC, Mich. (WJBK) - The city of Pontiac is facing tough times right now. An Emergency Manager is selling everything including City Hall. But some say Pontiac is headed for a rebound!! There was a meeting Saturday filled with optimism.

Click on the video player to watch Robin Schwartz's report.

It was a 150th birthday celebration focused on the re-birth of a city. Everyone in the room at the Lafayette Grande Banquet Facility is well aware Pontiac is suffering. GM plants where Pontiacs were once made are gone now. The Silverdome sits empty. The police and fire departments were disbanded and an Emergency Manager has taken over.

"We're gonna ask for some assistance in developing an economic recovery plan. There's a major hole in the emergency manager statute. It doesn't require the development of an economic recovery plan so we're gonna ask," said Hubert Price Junior.

Price took part in the symposium called "Progress in Pontiac: What Can We Do?" along with federal and local leaders.

Among them, Jay Williams with the Labor Department. He's Director of what's called the "Office of Recovery for Auto Communities and Workers." He's also the former Mayor of Youngstown, Ohio.

Williams said, "Youngstown, Ohio went through a process very similar to this 10-years ago. It has helped redefine what Youngstown is about. Youngstown is one of those communities that is helping to lead rust-belt resurgence and shed that rustbelt image."

He and others say they're confident Pontiac will make a similar comeback. And there's already momentum.

Just this week, a 19-million dollar project was announced to restore the old Sears building with lofts and a grocery store. The 800-thousand square foot renovation is the largest construction investment in Pontiac in 30-years.

"It's not just a bunch of hot air and platitudinous poo-poo but a lot of concrete things have already happened, " Price added.

 "100-years ago, Pontiac was broke," he continued. "I can show you where in the annual report checks were bouncing employees were not getting paid so this is not the first time the city has been broke. I hope it's the last time but this is not the first time.We rebounded then and I assure you we'll rebound this time as well."