* WARNING: THIS IS AN UNOFFICIAL, INTRODUCTORY COPY OF THE BILL.
THE OFFICIAL COPY CONSIDERED BY THE CITY COUNCIL IS THE FIRST READER COPY.
INTRODUCTORY*
CITY OF BALTIMORE
COUNCIL BILL R
(Resolution)
Introduced by: Councilmember Henry
A RESOLUTION ENTITLED
A COUNCIL RESOLUTION concerning
title
Use of VLT Land Lease Revenue for School Construction and Renovation
FOR the purpose of of requesting that the Mayor dedicate all of the annual city revenue from the proposed Video Lottery Terminal facility land lease to the Public School Construction and Renovation Special Fund.
body
Recitals
According to the press release of February 27, 2012, the Mayor's Better Schools Initiative includes among its new revenue streams the idea of dedicating 10% of city revenues from the proposed Video Lottery Terminal facility land lease to leverage additional bond funding for school construction and renovation. The most recent projection of the Administration is that the land lease will produce $12 million annually; the 10% commitment therefore reflects $1.2 million in additional funds to be leveraged towards the goal of rejuvenating the infrastructure of our school system.
Given the fact that the estimates of our school system's physical needs range from $1.2 billion to $2.8 billion, to take a new revenue source which has no negative impact on existing businesses and use only 10% of that new revenue for what is arguably our most pressing need, leaves us in the position of not leveraging our limited resources to the greatest possible effect.
While the Mayor currently plans to use the other 90% of the VLT revenue for property tax reduction, that remaining $10.8 million - if used in the general fund to off-set a reduction in the tax rate - would only provide the off-set for a 3-cent reduction. That same additional amount however, if dedicated to school construction and renovation, would leverage over $150 million in additional bond funding.
In terms of incremental change, hundreds of millions of dollars of needed improvements to our children's schools will be far more transformative for Baltimore - in terms of attracting new residents and staunching the flow of those leaving - than would a comparatively-small reduction in the property tax rate.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF BALTIMORE, That this Body hereby requests that the Mayor dedicate all of the annual city revenue from the proposed Video Lottery Terminal facility land lease to the Public School Construction and Renovation Special Fund.
AND BE IT FURTHER RESOLVED, That a copy of this Resolution be sent to the Mayor, the CEO of the Baltimore City Public School System, the Director of Finance, and the Mayor's Legislative Liaison to the City Council.
dlr12-0171~intro/29Feb12
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dlr12-0171~intro/29Feb12
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ccres/VLT/BH