Tiny Colwyn, (population 2,500) which borders Southwest Philadelphia, is the newest municipality to be declared distressed under the state’s Act 47 program.
The Pennsylvania Department of Community and Economic Development Secretary Dennis Davin named Econsult Solutions, Fairmount Capital Advisors, and McNees Wallace & Nurick as the Act 47 coordinators for the borough of Colwyn.
Tiny Colwyn, (population about 2,500) which borders Southwest Philadelphia, is the newest municipality to be declared distressed under the state’s Act 47 program. Act 47 allows the state to intervene when a municipality cannot pay its bills; currently, 20 communities are considered distressed under the law, according to the DCED. Colwyn’s council petitioned the state for the designation, citing years of financial mismanagement.
The team — DCED said the trio has worked with other distressed communities, like Harrisburg and Chester — is tasked with developing and implementing a recovery plan, which can touch on everything from the borough’s government structure, to municipal service levels and financial management. They’ll have 120 days to prepare a plan, which will then be submitted to Colwyn’s council, mayor, and to the public for comment.
Check back here for plan details.