Hot Topics

Most Shared

Top Stories

Top Stories

 
text size

Court approves Harrisburg Strong Plan, final step in recovery process

Updated: Monday, September 23 2013, 10:46 PM CDT
Posted by: Lauren McLane

HARRISBURG -- Today, Commonwealth Court Judge Bonnie Brigance Leadbetter confirmed the Harrisburg Strong plan that was filed by the Harrisburg Receiver’s team on Aug. 26.

At the heart of the plan are two major transactions, the sale of the incinerator and the lease of the city’s parking assets for 40 years. The combined transactions will remove the $345 million incinerator debt and balance the city’s structural deficit, providing the city with a balanced budget through 2016.

Gov. Tom Corbett appointed Maj. Gen. (Ret.) William Lynch as the Harrisburg Receiver and Lynch’s appointment was confirmed May 24, 2012.

“With the support of the Governor’s Office and the commonwealth, we have been able to find unique solutions that may have not otherwise existed,” Lynch said.  “There are many people who helped bring these solutions to the table and they all deserve a great deal of credit for their efforts.”

Now that the recovery plan has been confirmed by the court, Lynch said that steps will be taken to price bonds on the market and finalize the deals outlined in the plan, with a goal of closing those transactions by the middle of November.

In her order, Leadbetter wrote of the earned income text the city council has approved, which raised the EIT by 1 percent, "The Court finds that, without such funding, the City would not be able to achieve a balanced budget for its 2014-2016 fiscal years, including payments on the City's rescheduled debt obligations."

Leadbetter also wrote, "the Court finds that the HArrisburg Strong Plan is neither arbitrary nor capricious, and it is not wholly inadequate, but rather there is a reasonable likelihood that it can alleviate the fiscal emergency of the City."
Court approves Harrisburg Strong Plan, final step in recovery process


Advertise with us!

Related Stories

 
Advertise with us!