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DETROIT (AP) — A $5 million fund is planned to entice developers to breathe new life into vacant Detroit school buildings and other properties.
Tahirih Ziegler, executive director of the Detroit Local Initiatives Support Corp., tells The Detroit News (http://bit.ly/1gklkZZ ) that the School Redevelopment fund is a loan program available to for-profit and nonprofit developers for the reuse of properties such as vacant school buildings.
Ziegler says the fund and its partnership with Detroit Public Schools will make financing available for project pre-development, construction and long-term debt needs. It will offer competitive financing to cover acquisition and other development costs.
Across the city, the school district has more than 120 locations for sale, including buildings, parcels of land and parking garages.
An event on school site redevelopment is planned for Thursday.
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Information from: The Detroit News, http://detnews.com/
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