Detroit bankruptcy

With bankruptcy looming in 2012, Detroit largely dismantled its public health department. Years later, that decision offers a cautionary tale to other U.S. cities as the painful rebuilding continues.

Even with cheap rent, the cost of doing business is high. With the nation's highest commercial property taxes, one business mogul says this stunts entrepreneurship in a city that needs more jobs.

The city's bankruptcy, the largest municipal bankruptcy in U.S. history, will end at 12:01 a.m. ET Thursday, Gov. Rick Snyder said. The city filed for bankruptcy on July 18, 2013.

The deal worked out by the city's emergency manager includes shedding $7 billion in debt and borrowing hundreds of millions of dollars to implement the strategy.