Duggan unveils $250 million bond plan to rid Detroit of blight in 5 years

Detroit Mayor Mike Duggan wants voters to approve a $250 million bond proposal that could trim the city’s residential blight removal timeline by eight years.

The mayor spoke on the strategy at a Monday news conference on the city’s east side.

He said he submitted a plan to Detroit City Council for approval that would put the bond issue on the March 2020 presidential primary ballot. The item is expected to be read at Tuesday’s City Council meeting and then referred to the Budget, Finance and Audit committee for its Wednesday meeting.

The Detroit News first reported the plan’s submission to City Council.

Duggan first suggested using new debt to raze remaining abandoned houses in May at the Mackinac Policy Conference on Mackinac Island.

If met, the ambitious goal would rid Detroit of abandoned homes by mid-2025 — in five years, instead of the 13 the city said it would take using just general fund dollars.

“… There isn’t any more federal money, there’s no more state money,” Duggan said. “If we’re going to do this, we’re going to have to do this on our own. And the good news is the city’s finances are so strong and our credit rating’s improved to the point that we can sell this bond issue with no increase in taxes.”

The bond proposal would involve Unlimited Tax General Obligation bonds, debt the city services with an existing 9-mill property tax, Dave Massaron, chief financial officer for Duggan, told Crain’s.

For article, click below:

Source: Duggan unveils $250 million bond plan to rid Detroit of blight in 5 years

Print Friendly, PDF & Email