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Mayor Brandon Scott lays out plan to tackle vacant properties in Baltimore

(Baltimore, MD) -- Mayor Brandon Scott joined Baltimoreans United In Leadership Development (BUILD) and the Greater Baltimore Committee to announce a plan to combat vacant properties.

During Monday's announcement, the Scott administration pledged a city investment of $300 million over 15 years.

That money along with funding from the private sector and the state of Maryland will be used to generate $3 billion to finance the redevelopment.

According to the proposal, the city will implement tax increment financing bonds (TIF) and reinstate the Industrial Development Authority.

The plan calls for the redevelopment of at least 37,500 properties.

Article contributed 247newssource.com.

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