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12/23/2013

Financial Deals Successfully Close for Harrisburg Strong Plan; Harrisburg Back on the Path to Financial Stability

News for Immediate Release

Dec. 23, 2013

Financial Deals Successfully Close for Harrisburg Strong Plan; Harrisburg Back on the Path to Financial Stability

Harrisburg - Today, Governor Tom Corbett announced the successful closing of two major transactions outlined in the Harrisburg Strong plan that take an historic step forward in bringing financial stability to the City of Harrisburg.

These two major transactions are the sale of the Harrisburg incinerator and the lease of the city’s parking assets for 40 years. The combined transactions remove the $360 million incinerator debt and enable Harrisburg to eliminate its structural deficit.  As a result, the city will have a balanced budget through 2016.

“As cities throughout the country face dire fiscal emergencies, we have never given up on Harrisburg and its people,” Corbett said. “By working as a team, we have been able to develop strong, cooperative solutions for the people in our capital city. I would like to thank General Lynch and all those who have worked together to achieve a resolution and know that this excellent work will continue until the job is done.”

Corbett appointed Maj. Gen. (Ret.) William Lynch as the Harrisburg Receiver to lead a team of legal and financial experts through the city’s fiscal emergency. Lynch’s appointment was confirmed May 24, 2012.

“Getting Harrisburg back on track would not have been possible without Governor Corbett,” Lynch said. “While there is still much work to be done, these transactions provide the city officials the tools to craft a predictable and stable economic future.”

Media contacts:

Valerie Caras, Governor’s Office, 717-783-1116

Cory Angell, Harrisburg Receiver’s Office, 717-585-8809

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