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.
“I applaud General Lynch for taking on this challenge when I asked him to serve just over a year ago. He and all the parties involved deserve praise for working together to find a solution that is in the best interests of the people who live and work in our capital city,” Governor Tom Corbett said. “I am optimistic that Harrisburg will be a success story, serving as an example to other distressed cities of how to find a way to fiscal recovery.”
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.