"Baltimore Mayor Unveils $3 Billion Plan to Revitalize Vacant Properties"

Baltimore Mayor Brandon Scott is set to unveil a $3 billion plan to address the city's vacant properties, utilizing a mix of public and private financing over 15 years. The proposal includes a newly created Tax Increment Financing zone and a request for a $900 million state investment. The plan aims to rehabilitate 35,000 vacant properties, with $300 million coming directly from Baltimore through borrowing and TIF bonds. Private investment of $300 million is also expected. The plan faces challenges in securing state funding and critics argue that Tax Increment Financing may not effectively stimulate broader revitalization. The proposal also includes property tax relief and aims to reduce the city's total number of vacant properties.