DETROIT — Mayor Dave Bing formally announced his support of a bond referendum to appear on the Nov. 3 ballot that seeks to tap 500.5 million in federal grants and loans in order to re-build and renovate 18 public schools according to the Detroit Free Press.
At a joint press conference with Emergency Financial Manager Robert Bobb on Wednesday morning, Bing called the bonds, funded by federal stimulus dollars, “The best thing that could happen to the city of Detroit.”
Bobb is calling the measure “the largest public works project” in the city.
Of the $500.5 million available to Detroit, $246 million is a no-interest loan are to be repaid in full by 2038 using property tax revenue. The proposal would not increase taxes, Bobb said, though critics note that the city already charges the maximum property tax allowed by law and the measure would simply keep taxes that high until these loans were paid off.
Board of education members voted 8-1 not to support the measure earlier this month.
Bobb and Board members debated the pros and cons of the proposal at a heated voter forum last week.