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Residents press mayor on Sterling lot and hotel project financing; mayor says pension and hotel financing are on track
Summary
Public commenters raised concerns about the stalled Sterling Lot redevelopment and pension-fund losses; Mayor George Brown said first-quarter pension losses reflected market conditions and that the new downtown hotel has financing and is not seeking KOZ benefits.
Several residents used public comment at the May 22 Wilkes-Barre council meeting to question the city’s handling of the Sterling Lot redevelopment and to raise concerns about the city’s pension fund performance.
Resident Sam Troy cited a news article and asked whether the city’s minimum municipal obligation (MMO) is being met after a reported roughly $4.2 million first-quarter pension loss. Mayor George Brown said the reported loss covered only the first quarter and preceded the city’s new money…
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