City of Baltimore - File #: 12-0030R

• File #: 12-0030R
• Version: 0
• Name: Use of VLT Land Lease Revenue for School Construction and Renovation
• Type: City Council Resolution
• Status: Adopted
• File created: 3/5/2012
• In control: Taxation, Finance and Economic Development Committee
• Final action: 6/18/2012
• 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.
• Sponsors: Bill Henry, Carl Stokes, Mary Pat Clarke, William "Pete" Welch, Edward Reisinger
• Indexes: Resolution, Video Lottery Terminals

Date	Ver.	Action By	Action	Result
6/18/2012	0	City Council	Adopted
6/18/2012	0	Taxation, Finance and Economic Development Committee	Recommended Favorably
5/7/2012	0	Taxation, Finance and Economic Development Committee	Scheduled for a Public Hearing
3/8/2012	0	The City Council	Referred for a Report
3/8/2012	0	The City Council	Referred for a Report
3/5/2012	0	City Council	Introduced
3/5/2012	0	City Council	Assigned

* 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 ...