SCRANTON -- Officials in Scranton laid out a plan Tuesday that could make the city close to $100 million.
It's a tempting deal, given the city's financial state, but it would mean selling off Scranton's biggest asset.
The Scranton Sewer Authority serves both the city and the neighboring borough of Dunmore. Its sale would provide Scranton with a much-needed cash infusion, but officials said the sale would also help its customers who would otherwise face big rate hikes over the next few years.
The Scranton Sewer Authority was formed back in the 1960s. In 2015, it's the city of Scranton's largest remaining asset and possibly its only remaining card to play to fix the city's financial problems.
At a public meeting Tuesday afternoon, sewer authority leaders laid out a plan to sell the authority.
After paying off debts, the sale could bring in between $120 million and $130 million. That would be split 80-20 with the borough of Dunmore which also contributes to the authority.
Scranton Mayor Bill Courtright says that money would solve a lot of the city's financial problems.
"I will only use the money to meet the city's long-term obligations and invest in infrastructure that is critical for the city's ongoing prosperity and growth," said Mayor Courtright.
News of a possible cash infusion wasn't met with all positive feedback.
"Can you please explain to me exactly how this benefits Scranton."
Sewer authority leaders say the sale to a New Jersey-based wastewater contractor would help prevent sewer rates from skyrocketing for customers. Rates would go up only about two percent every year for 10 years, then would be managed by the state.
Most of the Scranton residents at the meeting feared that selling the sewer authority would leave the city with few options if it's ever in such debt again.
"The authority wasn't created and shouldn't be dissolved to solve a solvency, a financial solvency problem by the city," said Lee Morgan.
"I am currently against the sale. We need time to review the information that this board has had," said Marie Schumacher.
The sewer authority board is scheduled to vote on the proposed sale next month with another public meeting planned in the borough of Dunmore.