Mayor adds to stimulus proposal:
"Under the mayor's plan, the city wouldn't borrow the money, but rather enter into an agreement with the Detroit Economic Growth Corp., a quasi-governmental agency, to borrow the money. The council would have to sign off on an ordinance authorizing the agreement.
After three payment-free years, the city would use the expected growth in casino revenue to make the annual $29 million payments on the bonds for the next 30 years. That's how Kilpatrick's staff said the city could undertake the projects without raising taxes or cutting from the budget."
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