News

Lincoln Park Under State Financial Review

Tuesday, February 11, 2014

Lincoln Park is the latest city to enter the state’s financial intervention process under the new emergency manager law. Governor Snyder has appointed a team to review the community’s finances. Lincoln Park City Manager Joe Merucci says plummeting property tax values, combined with the uncertain fate of the state personal property tax, raised finance concerns.

“We have just the small mom and pops where it’s one building…they have some…it amounts to quite a bit of money for us. And the replacement is up in the air. I’ve heard anywhere from 80% of it could be replaced. Don’t even know that.”

Merucci says if the state legislature votes to end the personal property tax this summer, it would tighten the city budget already strained by pension obligations. He says Lincoln Park’s City Council requested a preliminary financial review from the state last year to avoid a bankruptcy filing.