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Gov Snyder Confirms Financial Emergency In Lincoln Park

Lincoln Park, MI - Gov. Rick Snyder has confirmed his earlier determination that a financial emergency currently exists in the City of Lincoln Park. Local officials will determine the next step.

Under Public Act 436 of 2012, the Local Financial Stability and Choice Act, the Lincoln Park city council now has seven days to select one of four options to address the financial emergency; a consent agreement, an emergency manager, neutral evaluation, or Chapter 9 bankruptcy.

Gov. Snyder had previously determined that a financial emergency exists in Lincoln Park after considering a report from an independent financial review team. The city did not request a hearing before the State Treasurer, as allowed under PA 436.

The Lincoln Park city council now has until 5:00 p.m. on Tuesday, April 29, 2014 to pass a resolution, selecting one of the four options noted above, to address the financial emergency.

For more information about the City of Lincoln Park or the Local Financial Stability and Choice Act, visit the Local Government Fiscal Health page on the Department of Treasury’s website at www.michigan.gov/treasury.

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