Bridgeport will realize about $5.5

million in revenues from last

week's tax lien sale, according to a

city official.

Following paid legal advertising

beginning in April, the city settled

1,069 delinquent tax claims and

netted approximately $2.5 million in

cash. Additionally, 340 taxpayers

made down payments on delinquent

taxes totaling more than $718,000.

Almost $400,000 was gained by

selling 55 properties to the highest

bidders and more than $2 million

more in liens were settled by

negotiating a payment schedule with the

owners.

"Bridgeport has demonstrated

once again that this method of

dealing with delinquent taxes works and

can be effectively applied by almost

all cities in Connecticut," said

Mayor Joseph P. Ganim.

The sale is just the latest method

employed by Ganim to help the city

work out of its financial mess.

When he took office in January

1992, Ganim faced an $18.6 million

operating deficit and the looming

specter of municipal bankruptcy.

But by holding four tax lien sales,

receiving an increase in state aid, and

placing tighter controls on the

budget, Bridgeport this year will mark its

second straight balanced budget

without a tax increase under Ganim.

Last month, the city council and

the state-appointed Bridgeport

Financial Review Board approved the

mayor's budget.

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