By J.J. McQueen
Special to the AFRO
As the momentum builds for this legislative session, bills aren’t the only items under review, bonds are also important to this season’s session.
What are bonds? A bond is a fixed-income instrument that represents a loan made by an investor to a borrower (typically corporate or governmental). It can also be good faith money donated with the idea that the mission of the persons receiving the dollars will carry out the tasks required to finish a project.
A number of the bonds that are being introduced during this legislative session will be used to preserve, revitalize, and support historic areas in Baltimore City. One of the most impactful bonds on the table is one that will help the Banner Neighborhood Community Center.
In an effort to preserve this impact zone this initiative is being led by Delegate Stephanie Smith of the 45th district of Baltimore, and sponsored by Senator Cory McCray. The projected $300,000 plus project is set to move forward with renovations, construction, and an increase in staffing at a time to be determined.
With secured contributions from The Abell Foundation, The Harry and Jeanette Weinberg Foundation, and The France-Merrick Foundation, the community center is looking to continue to build on its two signature youth programs of workforce development, and sports.
This type of bond agreement is not only important to the borrower, but to the communities that they serve. Banner Neighborhoods is currently leasing 1819 E. Preston Street, which is owned by 1817 East Preston LLC and managed by the Historic East Baltimore Community Action Coalition (HEBCAC). The 8,500 square foot facility is being tailored to be ADA compliant, and being prepared to meet code standards for all of the community center’s program needs.
Click here to find out more details concerning the bond language of the Banner Neighborhood Community Center project.
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