DETROIT (WXYZ) — Detroit Mayor Mike Duggan will ask voters to approve a $250 million bond issue that will help eliminate residential blight in the next five years.
The $250 million bond proposal, formally submitted to the city clerk, would authorize $250 million to continue the fight against blight.
Duggan said the new bond issue will not raise taxes for Detroiters because the bonds would be repaid over the next 30 years, using existing tax revenue budgeted for debt retirement.
Through a mixture of bond funds and annual city budget allocations, the money will be available next year to start on the second half of the cities historic blight removal efforts.
So far, Duggan has used $256 million in federal dollars since 2014 to raze 19,000 vacant homes while another 9,000 have been rehabbed through Detroit Land Bank programs. He says the city has another 19,000 homes to go.
City Council has until Dec. 17th to approve language for the proposal, in order to make it on the March ballot.
“This opportunity for us is transformational,” said Councilmember Andre Spivey. “We have long heard the concerns to give more attention to our neighborhoods and this provides an opportunity to change the landscape and prepare for further neighborhood revitalization.”