PHILADELPHIA-The City Council granted preliminary approval on Thursday of a plan to transfer $50 million to the cash-strapped School District of Philadelphia in return for a portfolio of closed school buildings that will be marketed for sale.
The finalizing of the plan may prove difficult, however. Philadelphia Mayor Michael Nutter wants to borrow the funds against future collections of the city's extra 1% sales tax, according to The Inquirer. However, no bill has been drafted as yet that incorporates the mayor's plan. The state plan calls for the Council to extend the city's extra 1% sales tax, which was slated to expire next year, and borrow $50 million against that revenue.
"We can't understand why we can't get the administration to come up with some kind of agreement," said Councilwoman Jannie L. Blackwell. "We all feel stuck because the administration doesn't seem to want to work with us." See story in The Inquirer.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.