LINCOLN PARK, Mich. — Officials say the Detroit suburb of Lincoln Park has been released from financial receivership following years of efforts to strengthen its finances.
Michigan Treasurer Nick Khouri announced Tuesday that the Lincoln Park Receivership Transition Advisory Board has been dissolved following a recommendation from members of the board. The move gives city leaders full control of the city, its internal operations and its finances.
Khouri says in a statement that Lincoln Park has shown that “it can succeed unaided.”
The city was declared to be in a financial emergency in 2014 amid burdens with retiree health costs and pensions. An emergency manager ran the city from July 2014 until December 2015, when the Receivership Transition Advisory Board was appointed.