(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.
We finally have the roadmap, and I know that together, through this partnership, we can finally get it done. Come join us. https://t.co/KsvRbpcLkK
— Brandon M. Scott (@MayorBMScott) December 12, 2023
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.
Tonight, we announced our plan for the largest investment ever to tackle the vacant housing crisis once and for all. With $3B in unprecedented public and private investment — alongside our partners @BUILDBaltimore and @GBCorg, we can write a new chapter in Baltimore’s history. pic.twitter.com/2OFCwSADVa
— Brandon M. Scott (@MayorBMScott) December 12, 2023
The plan calls for the redevelopment of at least 37,500 properties.
Thank you to the 550+ people who joined us tonight at @GHBC1617 as we announced an historic agreement between @MayorBMScott @GBCorg & @BUILDBaltimore to end the legacy of redlining and invest $3B in our city’s neighborhoods that will more than pay for itself over time. More soon! pic.twitter.com/ZolZl4ATXU
— BUILDBaltimore (@BUILDBaltimore) December 12, 2023
Article contributed 247newssource.com.
