Education Funding News in Brief

Detroit Taxpayers Foot Big Bill for Closed Schools

By The Associated Press — November 05, 2013 1 min read
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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.

A version of this article appeared in the November 07, 2013 edition of Education Week as Detroit Taxpayers Foot Big Bill for Closed Schools

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