Source: The Pennsylvania Economy League
The City of Scranton Sheds Act 47 Municipal Distress Label After 30 Years
State and Scranton city officials celebrated Jan. 25 as Department of Community and Economic Development Secretary Dennis Davin signed the formal determination letter terminating Scranton’s distressed status.
The Pennsylvania Economy League has served as coordinator since 1992, more recently helping the city come back from the brink of bankruptcy after a loan default. PEL worked with the city to monetize two assets that, with other actions, led the city to current fiscal stability.
PEL Senior Research Fellow Gerald Cross thinks Scranton’s new political leadership will be able to maintain its position with more flexible revenue options and continued cooperation amongst the stakeholders.
“Scranton has a bright future ahead of it,” Gerry said. “The city’s strong character should enable it to make the often difficult but necessary decisions to remain vibrant, healthy and sustainable for many years to come.”