It's their money and they can piss it away any way they see fit, but it seems like a dump like Flint could probably use that cash for more important things than a river walk for drug dealers to conduct open air transactions.
These "revitalization" rarely bring the benefit that is touted and in some cases end up turning into another blight after the money runs out.
Seems to me, your advice is just spend the money on more cops and prisons.
First and foremost is one fact: You can't really change the residents very much, which brings to fore the saying "you can't make chicken salad, out of chicken sh!te."
In actual fact, revitalizations have often been successful. My entire county is an example of various methods of renewal. Some tore down and started from scratch, some retained old structures. All involved money.
But we don't have the 53% problem.