News in Brief
Detroit Taxpayers Foot Big Bill for Closed Schools
Detroit property owners face a quarter century of payments for construction and renovation of school buildings that no longer operate.
The Detroit Free Press says 110 buildings covered by $2.1 billion in bond issues in 1994 and 2009 are either empty or demolished.
Taxpayers will be paying on the $1.5 billion balance until the year 2040, according to the newspaper. It says $106 million of the bond went to now-vacant or demolished buildings, and principal and interest on those buildings alone will cost taxpayers $438 million.
Vol. 33, Issue 11, Page 5Published in Print: November 6, 2013, as Detroit Taxpayers Foot Big Bill for Closed Schools