For Chelsea, Mass., and its newly appointed receiver, Harry Spence, the second phase of a three-pronged recovery program has begun.

Last September, Gov. William F. Weld appointed Chelsea's first receiver, James F. Carlin, to return the financially troubled city to solid ground. Now Mr. Spence has stepped up to the plate for phase two -- studying how to reshape the city's government and generate long-term economic growth.

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