A New Ask for Aging Schools

As reported in the Baltimore Sun, a proposal is being circulated in the General Assembly to use the Maryland Stadium Authority to help overhaul the City of Baltimore’s aging schools.  Over seventy percent of schools in Baltimore are considered to be in poor condition, and this proposal would seek funding for renovation in a new way.  As described,

The . . . proposal, modeled after an approach that has been successful in other states but which is untried in Maryland, involved creating a private, nonprofit entity that would raise money for school construction by issuing bonds. The bonds would be backed by existing state and city funding streams for school construction, but instead of getting the funds on a project-by-project basis, as the schools now do, the state would send them to the third-party agency in the form of a block grant every year. Under this novel funding mechanism, the schools chief estimated as much as $1.1 billion could be raised for the first phase of the effort.

The full article is available here.

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