That Default Resulted In Bond Insurers Securing A Court-appointed Receiver, Former Lackawanna County Commissioner Mike Washo, To Oversee Authority Garages And Ensure Parking Authority Debt Is Paid.

Photo: N/A, License: N/A, Created: 2016:01:14 12:44:28 The cables look like sections of fence along the floors of the rear wall facing Center Street. On one level about 20 feet above Center Street, one barrier-cable section thats bent outward over the street appears to have been struck by a vehicle inside that garage. The application was created by legal counsel for the authority, Buchanan Ingersoll & Rooney, which has various offices in Pennsylvania and eight other states and the District of Columbia; and city parking engineering consultant Chicago-based Desman Design Management, and city financial consultants PFM Group of Harrisburg and Henry Amorosos HJA Strategies of Hackensack, New Jersey. The repair estimates in the grant application partly mirror a Desman report to the city last year that detailed garage deficiencies and repair estimates as well as a 2012 parking demand study and engineering review of deficiencies from two other consultants that stemmed from a loan the authority received in 2011. The Desman report estimated that maintaining all five garages would cost $26 million over 40 years, but demolishing one or two of the older structures that need significant repairs could drop that figure substantially. Now, the grant application mentions see this a downsizing of the two older garages because the overall scenario remains fluid, city Business Administrator David Bulzoni said. The 2012 evaluation came out a few months after a default by the authority and city on SPA debt guaranteed by the city. That default resulted in bond insurers securing a court-appointed receiver, former Lackawanna County commissioner Mike Washo, to oversee authority garages and ensure parking authority debt is paid. Im fully aware that they (city and authority) were going to apply for (state grant) assistance and any assistance that they get from the state to improve the condition of garages and advance the monetization, I look favorably upon, Washo said. A lease would result in authority debt paid and the end of the receivership, the grant application says. It cites regional projects that the city believes would result in an increase in parking at city garages and meters.

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