03/18/2013 01:30 pm ET Updated May 18, 2013

Handshake Deal With State Haunts Detroit

It seemed a reasonable deal when Gov. John Engler and Detroit Mayor Dennis Archer shook hands on it in 1998.

The state of Michigan would give Detroit $333.9 million annually for nine years in revenue sharing funds -- if the city would ratchet down its highest-in-the-state city income tax rates.

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