The Allentown Neighborhood Improvement Zone District
Authority bond issue and the Water and Sewer Concession Lease transaction were
named co-winners of the 2013 Bond Buyer's Deal of the Year Award for the
Northeast Region.
The transactions will compete with winners from four other
regions and three other categories for the publication's national overall
award, which will be announced Dec. 5 at The Bond Buyer's awards gala at the
Waldorf Astoria in New York City.
Public Financial Management Inc. of Philadelphia served as
financial adviser on the improvement zone bond and the concession lease.
It is the first time in the 12 years that the awards gala
has been held that co-winners have been selected to be honored.
Allentown Mayor Ed Pawlowski said that highlights the
significance of each of the two deals.
"These complex transactions were necessary to lay the
groundwork for development projects that are transforming Allentown and to
solve the massive unfunded pension liability crisis that threatened the future
of this city," Pawlowski said.
State Sen. Pat Browne, R-Allentown, was among those who
advocated for the Neighborhood Improvement Zone.
"It is my hope that this new tax financing strategy
will not just benefit the City of Allentown, but instead will serve as a model
for economic development in distressed areas – cities, boroughs and townships –
throughout the commonwealth and, potentially, for other states as well,"
Browne said. "The Neighborhood Improvement Zone provides a revenue stream
a developer can utilize to structure competitive commercial investment and
lease opportunities in a high cost urban environment."
Source: LVB.com
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