DETROIT
10/02/2013 11:26 am ET Updated Dec 02, 2013

Detroit's Belle Isle Becomes A State Park After Michigan Signs Lease Deal

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(DETROIT) -- The State of Michigan has signed a lease that will see the state taking over the maintenance and operation of Detroit's Belle Isle.

Signed by state and city officials, the lease has a 30-year duration, with two 15-year renewals. City officials estimate that the state's management of Belle Isle would save Detroit approximately $6 million a year.

"This lease will save Detroit much-needed funds as the city emerges from financial crisis and will generate economic development and neighborhood revitalization that are core to Detroit’s comeback," Michigan Gov. Rick Snyder said in a statement.

Copyright 2013 ABC News Radio

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