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The National Development Council and Scranton Finalize $32M Parking System Transaction

Deal puts the City of Scranton on Path to Economic Recovery

Scranton, PA (September 1, 2016)- The National Development Council (NDC), the oldest and
most comprehensive economic development nonprofit in the country, announces today the
closing of a parking system transaction with the City of Scranton, effective August 30, 2016. This
is one of the largest and most important financial transactions in the City’s history, and serves
as a model for how municipalities can monetize assets while maintaining control and

NDC, through its public private partnership affiliate the Housing and Economic Development
Corporation (HEDC), completed negotiations on this complicated transaction that involves six
parking structures and all on-street parking meters in downtown Scranton. The negotiated
price—which will be paid with the proceeds of 40-year tax-exempt bonds issued on behalf of
NDC by The Scranton-Lackawanna Health and Welfare Authority and sold by Citibank—is $32
million. This amount will be paid upfront to the City by HEDC, and all proceeds in excess of
operating expenses, debt service, and capital repairs and replacement will be returned to the
City in the form of grants.

“When we invest in communities the top priority is to the community itself,” said Executive
Vice President Daniel Marsh. “NDC is not obligated to far-flung investors seeking a return.
Through a partnership we form with the municipality, the City of Scranton will retain ownership
of its assets and participate in key decisions affecting the operation of the system. That is the
NDC difference.”

NDC was chosen in an RFP process initiated by the City in 2015 seeking a private entity to
restructure its parking assets. The resulting transaction stipulates that NDC is entering into a
lease concession agreement on six parking structures, four leased from city and two from a
private owner, Steamtown 300. NDC has hired ABM Parking to manage all six structures, which
includes 2,659 parking spaces, as well as 1,479 on-street meters. When all the debt has been
retired, ownership of the parking system will be returned to the City.

Closing this transaction is the biggest step yet on the road to budget stability and economic
recovery for the City of Scranton. In 2012, the City’s finances suffered a blow when City Council
declined to fulfill its obligation to cover debt obligations that the Scranton Parking Authority
could no longer meet. The resolution of the Parking Authority’s default will signal to the
financial markets that Scranton is on the road to recovery. Meanwhile, the parking garages, two
of which are in dire need of repairs, will be greatly improved through better management and
upgrades. Modern on-street parking meters will be installed over time.

“We chose NDC because we knew they saw the same incredible potential in this City as I do,”
said Mayor William Courtright, who made it a central theme of his mayoralty to straighten out
the city’s finances. “With NDC as our partner, I am sure we can build on what we’ve already
accomplished and really supercharge the downtown’s revitalization.”

From Seattle, Washington to Ithaca, New York, NDC has been pioneering public-private
partnerships since the 1980s, using its innovative American Model™ to revitalize struggling
neighborhoods. As distressed communities still struggle in the aftermath of the 2008 economic
crisis, NDC has stepped up its efforts to provide cities with an alternative to privatizing assets.

National Development Council
NDC’s work focuses on HOMES, JOBS and COMMUNITY. Founded as a national nonprofit in
1969, NDC has worked for over 45 years fulfilling its mission to increase the flow of capital for
investment in low-income communities. NDC directs capital to support the preservation and
creation of affordable housing, the creation of jobs through training and small business lending
and the promotion of livable communities through investment in social infrastructure. NDC’s
products and services are deployed for the benefit of our municipal and nonprofit partners in
both urban and rural low-income communities throughout the United States. NDC is
headquartered in New York City with offices in Washington, DC, Seattle, WA, Cleveland, OH and
Edgewood, KY. For more information about NDC, please visit https://growamerica.org.


NDC Contact: Lisa Chamberlain
Telephone: 917.691.7020
Email: lisacchamberlain@gmail.com

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