Here's a scenario many Americans have experienced first hand: You're loaded with debt. Your checking account's near zero. And you need a lot of cash.
What do you do?
Would you sell your car? If you own your house, would you get a home equity loan?
Cashed-strapped cities in Pennsylvania are asking a similar question — specifically: should they lease or sell their assets to balance the budget?
The "new oil"
Reading's water system—everything from the water, the dam, the filter plant, miles of pipes and tunnels—well, it's worth a lot of money. Some guess around $200-300 million. Reading Area Water Authority chairman Ernest Schlegel acknowledges it's money the cash-strapped city of Reading needs, but he's wary of privatization.
Read the full version of this report at the website of Keystone Crossroads, a new statewide public media initiative reporting on the challenges facing Pennsylvania's cities. WPSU is a participating station.
