The new Public Lighting Authority of Detroit is beginning a three-year plan to rebuild Detroit’s streetlighting system and downsize it to a more manageable 46,000 or so fixtures.
The authority plans to finance its project by borrowing about $210 million. The money would come in the form of a $60-million short-term loan and a $150-million bond issue whose proceeds would repay the loan.
This plan would get Detroit about halfway to the estimated $300-million price tag that McKinsey & Co. consultants once estimated for a full overhaul of the streetlighting and electrical distribution systems.
Read more at the Detroit Free Press.