The mayor of Bridgeport, Conn., <
the city that nearly a year ago made history by becoming the largest to file for Bankruptcy Court protection, yesterday announced plans for a bond-issuing port authority.
Mayor Joseph P. Ganim, elected <
last November in part because of his opposition to the city's bankruptcy filing, yesterday said in a statement that "the development of Bridgeport's harbor is the master key to our city's economic recovery."
Mr. Ganim's plan would have to <
be approved by the city's 20-member Common Council, which consists of 18 Democrats and two Republicans. Mr. Ganim is a Democrat.
Last fall Mr. Ganim said "a detailed <
and comprehensive plan of development of Bridgeport's harbor" would be part of his plan to restore the city to fiscal health. "Most cities would kill to have a harbor like we have," he said at the time.
"It's our last, best chip in the field <
of economic development."
In his statement yesterday, the <
mayor said the "creation of the port authority is necessary for the city to develop our deep-water harbor." But he could not be reached for comment on why the bond-issuing functions of the new authority could not be performed by the Connecticut Development Authority.
Not only would the authority <
have the power to issue bonds for economic development, but it would also be able to "assume, through condemnation" certain properties.
The mayor submitted the proposed <
ordinance to the council for a meeting June 1. The measure would be assigned to a committee, studied, and reported on in time for a vote July 6, according to Mr. Ganim's statement. A Bridgeport port authority is allowed under state law, a state economic development official said yesterday.