Rebuild Initiative’s launch slowed by financial puzzle, hinging on soda tax. The gargantuan, highly anticipated city project known as Rebuild — Mayor Jim Kenney’s $5.
As more and more pieces of the project are hashed out and set in place, Rebuild can’t be fully set in motion until a court nudges the first tile over. That crucial domino is the soda tax. The state’s appellate court will hear arguments in early April as part of a lawsuit challenging the 1. Although Court of Common Pleas* Judge Gary Glazer dismissed the suit in its entirety in December, both the city and plaintiffs are bracing for an elongated appeals process with the lawsuit, which is expected to end up in the Supreme Court of Pennsylvania and potentially drag out into the fall. At that time, any dislodging of the soda tax by a judicial decision would cause chaos throughout City Hall.
The soda tax is the glue holding together his pledge to add 6,5. K seats, mostly for low- income Philadelphians, by 2. It also provides a small but critical fraction of the money that will be needed to pay for Rebuild. But that money is a prerequisite for borrowing $3. Rebuild’s funding. The soda- tax money will pay for the “debt service” on the bonds — essentially, an interest payment — and the city claims that it doesn’t have a contingency plan for finding that chunk of money anywhere else.
The protracted challenge to the soda tax has done more than delay the issuing of bonds. The William Penn Foundation’s $1. Rebuild won’t be released until the tax clears the courts.
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Gould said that by mid- 2. Rebuild team expects to announce an initial round of sites across the city. Those very first projects, however, will likely not be splashy, given the limited funding available for Rebuild at this time: Mayor Kenney’s budget has reserved $8 million annually from the capital budget, which will go only toward capital project costs, and there’s a $4. William Penn Foundation, which can be put toward planning, administration, and capital improvements. Beyond the first round of projects, members of City Council and the administration will mutually decide upon an additional set of sites for when the full funding becomes available. One of the stated goals of site selection in Rebuild is promoting equitable investments throughout the city, along with spurring economic development.
Even if City Council authorizes the bonds, the city has said it won’t actually issue the bonds until the soda tax winds its way through the courts. Assuming both happen, there will be a relatively little time before the Philadelphia Authority for Industrial Development (PAID), the public authority that issues bonds on behalf of the City of Philadelphia, completes the process. All in all, it will take about three months, Gould said.
More than a dozen state senators recently filed a brief with the Commonwealth Court, saying the tax is “not constitutional.” That cohort includes Philadelphia Sen. Anthony Hardy Williams, who told the Inquirer that the city should look beyond the tax for a funding mechanism. Last year, before the tax passed in City Council, Councilwoman Maria Quino. After all, the city would need to find a new way to pay for the debt service on the bonds (not the entire $3. While finance director Rob Dubow wouldn’t speculate on how much the interest rates on the bond would cost the city each year, the city has projected the total amount of debt service will cost $7. It would be irresponsible, inappropriate, and quite premature for us to make any projections or decisions before the judicial branch of government has an opportunity to fully and carefully review this unprecedented case,” wrote Councilwoman Blondell Reynolds Brown in a statement. Adds Councilman Squilla, “I support Rebuild but, absent soda tax revenue, I would need to know the origin of the replacement funding before committing to it.”.
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Rebuild is not only being billed as an infrastructure initiative, but also a project that will bring long- needed diversity in the city’s building trades, accelerate the development of small businesses who are contracted to work on Rebuild sites and repair frayed relationships between the city and neighborhoods. All of that progress has been slowed by the court challenge.
However, Gould said that the city would like to have its plans for diversity and inclusion in place before the first round of projects is announced in the coming months. That all of these details are getting teased out before the prospect of issuing the bonds looms large could be seen as a silver lining. But that’s not how Gould sees it. The bottom line is these communities are long overdue for this investment and it's not fair to make them wait,” said Gould. Plan. Philly regrets the error.
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