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Mayor: No new taxes needed to rehab.

Publication: Crain's Detroit Business
Publication Date: 08-MAR-04 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Mayor: No new taxes needed to rehab.(Review)

Article Excerpt
Michigan Depot

uying and refurbishing the dilapidated and long-vacant Michigan Central Depot for a new police headquarters would cost the city between $100 million and $130 million and could be done without raising taxes, Detroit Mayor Kwame Kilpatrick said last week. The plan is to use limited-liability general-obligation bonds within the city's existing debt limit, Kilpatrick and Detroit CFO Sean Werdlow said at a news conference outside the 91-year-old train station. The mayor also announced that the city has a deal in principle to buy the depot from Warren-based CenTra Inc., which had proposed renovating it for a needed police headquarters. Werdlow said 75 percent of Detroit's current debt would be paid off during 2008 and 2009. The plan requires approval from the Detroit City Council but not a public vote.

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