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To fund the stimulus package—which also includes plans to bolster neighborhoods and create jobs—Kilpatrick said that the city would float a bond of $300 million. Kilpatrick said that the city would pay off the bond by setting aside $29 million a year from the city’s casino wagering tax for the next 30 years. That amount would equate to 15 percent of the total annual casino tax funds.

According to the Kilpatrick administration, improvement projects in the stimulus package would include:

• Construction of one new police district headquarters on the east side of Detroit and expansion of three existing districts.  
  
• Construction of two new fire stations, renovation of existing fire facilities and construction of a new training complex for firefighters. The plan also calls for installation of 33 emergency generators at all fire stations.
  
• Remodeling of two neighborhood health centers to provide better prenatal care and better care for infants and children.
  
• Demolition of 50 vacant commercial and apartment structures around the city.
  
• Major improvements to the Public Lighting Department and aging Department of Public Works facilities.
  
• Establishment of a $15 million entrepreneurship loan fund that would be administered by the Detroit Economic Growth Corp. to create jobs for Detroiters.
  
• A new partnership with foundations and banks to establish and grow a $10 million neighborhood preservation fund to address foreclosures, weatherization issues and other structural problems.
  
• Establishment of a budget stabilization fund of at least $75 million.
  
• Providing seed funding for the city’s 10-year initiative to eliminate homelessness and provide housing for the homeless who need it.

“We talked to Wall Street. We reached out to the biggest banks in the country. They tell us this plan makes sense and that it will work,” Kilpatrick said. “We believe once City Council reviews the details, they will agree this innovative package will go a long way toward improving neighborhoods, the city’s infrastructure and putting Detroiters back to work.”