DETROIT — A Michigan emergency loan board, on Tuesday, approved a plan for the State of Michigan to lease Belle Isle park from Detroit for 30 years, with possible extensions up to 60 years, rejecting a competing plan from Detroit’s city council that would have limited the initial lease period to 10 years.

The three-member panel, which was appointed by Michigan Governor Rick Snyder, unanimously approved the lease, which is for 30 years with two optional 15-year renewals. The State also has said it will spend up to $20 million to improve facilities on the island park in the Detroit River in the first 18 to 36 months of its management, which will begin in 90 days.

Michigan Governor Rick Snyder, Detroit Emergency Manager Kevyn Orr and other State officials signed the agreement last month over objections from the Detroit City Council, which had proposed a lease of 10 years, with two 10-year renewals.

The State said it hopes to finance the improvements through grants, bonds and private donations, and the longer lease will be helpful in seeking funding for the upgrades to the island’s public facilities, it said.                      

    — Reuters