Could Syracuse face bankruptcy like Detroit?
Syracuse could be bound for bankruptcy like Detroit. That was the warning issued Monday by Syracuse Mayoral candidate Pat Hogan.
The Democrat unveiled his economic policy and consolidation play while addressing the recent bankruptcy filing by the city of Detroit.
Hogan says the potential of Syracuse following in the footsteps of Detroit is "very real." He points to last year when America's big three credit rating agencies downgraded the fiscal outlook from neutral to negative for the city of Syracuse.
To keep the city on steady financial ground, Hogan plans to focus on recruiting companies to move to Syracuse. He also wants to partner with local colleges, universities and economic developers to promote business assistance programs. If elected, he would fill vacant tax delinquent properties by creating a "renters to homeowners" program. Hogan also plans to develop a strategic plan for moving Syracuse towards a consolidated city-county government.
Under the current administration, he says, Syracuse is about to become upside down financially. "Obviously, that's a possibility that could happen. I think it's the foremost on everybody's mind...but I think we've got to do things ourselves," Hogan said.
What does Mayor Stephanie Miner think about the state of Syracuse financially? What's the outlook for the future? The Mayor will be a guest on The Talk Tonight on NBC3 and CBS5 tonight.