The state of Pennsylvania has released Pittsburgh from the terms of Act 47, signaling a new era of fiscal security for the city, and a sign of home for the "Rust Belt."
"Fourteen years after entering a state program to restore its finances, the City of Pittsburgh has emerged from distressed status," reports Adam Smeltz.
State and local leaders gathered on Monday to formalize the city’s exit from Act 47, "which guided Pittsburgh back from the brink of bankruptcy." In effect, Act 47 "limited the city hall’s direct control over its budgets, establishing a recovery plan that cut costs, reduced the municipal workforce and managed long-term obligations such as debt and pension expenses. City finances have since swung from projected deficits to steady surpluses."
After demonstrating a stable fiscal situation over several years, the city has also put into place financial best practices to ensure fiscal health in the future.
This fiscal success if set against the ongoing redevelopment and revitalization of the city's urban core. Pittsburgh is frequently cited as an example of successful revitalization in Rust Belt cities, and Pittsburgh provides the Planetizen news feed a steady source of stories about large development investments:
- Almost a Billion Dollars of Redevelopment Investment Headed to Pittsburgh's South Shore (January 2018)
- Ferris Wheel Proposed With Big Mixed-Use Plans Near Downtown Pittsburgh (December 2017)
- Cap Park Plans Take Shape in Downtown Pittsburgh (December 2017)
- The Young History of Open Data Leadership in Pittsburgh (November 2017)
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Three New Hospitals Slated for Pittsburgh (November 2017)
FULL STORY: 'Pittsburgh is back': City officially drops its financially distressed status
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