Emergency Financial Manager Assigned to Another Michigan City

By: Associated Press
By: Associated Press

ALLEN PARK, Mich. (AP) -- Brought down by a bum deal on a movie studio, the Detroit suburb of Allen Park has become the latest Michigan city with an emergency financial manager.
Treasury officials appointed Joyce Parker on Thursday. She starts Monday.
Parker's also emergency financial manager for nearby Ecorse.
Michigan says Allen Park's general fund balance dropped from $3.7 million in June 2010 to $505,000 a year later.
Allen Park issued bonds in 2009 to finance land acquisition for a movie studio. The state says the city paid about $11 million more than the property had been valued.
The studio bombed, leaving Allen Park with annual $2 million debt service payments.
Benton Harbor, Ecorse, Flint and Pontiac and the school districts in Highland Park, Detroit and Muskegon Heights also have emergency financial managers.

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