"Detroit firefighters are the bravest in America," Mayor Kilpatrick said as he stood in front of the new engines. "Including these trucks, this administration has spent more than $30 million on new fire equipment and vehicles over the last six years. The $300 million Neighborhood Opportunity Fund will allow for us to spend millions more on improving fire department facilities."
The stimulus package will fund major renovations to existing fire facilities, build two new fire stations, build a new training complex and allow for the installation of 33 new emergency generators for fire stations.
The Kilpatrick Administration on Wednesday hand-delivered to City Council nine very large packets of information detailing the much anticipated $300 million Neighborhood Opportunity Fund.
Mayor Kilpatrick and top administration officials began working on the Neighborhood Opportunity fund more than 18 months ago. They worked with the nationally-respected financial consulting firms JP Morgan Chase out of New York and Loop Capital out of Chicago to develop the $300 million bond initiative.
The package calls for the use of 15 percent of casino wagering taxes, which amounts to about $29 million a year, to pay off the bonds over a 30 year period.
The $300 million stimulus package will also be used to:
o Build one new police district headquarters on the east side and expand three existing districts;
o Remodel two neighborhood health centers to provide better prenatal care and better care for infants and children;
o Demolish 50 vacant commercial and apartment structures around the city;
o Establish a $15 million entrepreneurship loan fund that will be administered by the Detroit Economic Growth Corporation that would create jobs for Detroiters;
o Partner with foundations and banks to establish and grow a $10 million neighborhood preservation fund to address foreclosures, weatherization issues and other structural problems;
o Establish a budget stabilization fund of at least $75 million;
o Make major improvements to the Public Lighting Department;
o Make major improvements to aging Department of Public Works facilities; and
o Provide seed funding for the 10-year initiative to eliminate homelessness and provide housing for the homeless who need it.
