Wednesday, July 8, 2020
70.7 F
Beaver
Wednesday, July 8, 2020
70.7 F
Beaver

Midland In Financial Crisis – Defaults On Loan – Unable To Pay Bills – Raising Taxes

Midland is in serious financial trouble and its residents will be paying higher taxes for “the sins of what happened in the past,” the borough solicitor cryptically revealed this week.

Borough council agreed Thursday to advertise what would be a 5-mill tax increase from last year’s rate, increasing Midland’s taxes to 37.39 mills. The special hike is necessary because Midland defaulted on its 2019 tax anticipation loan in October, owing about $360,000 to Farmer’s National Bank it can’t repay.

Borough Solicitor Myron Sainovich couldn’t be reached to clarify his comments, the history of the problem or the borough’s total amount of debt. During the meeting, Sainovich said he guessed the tax increase will result in “$40 to $120” more for residents. “It’s not going something that’s going to be insurmountable by any of the residents,” he said.

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Lori Boone
Lori Boone
Lori DeLauter Boone has more than 20 years of experience in investigative and community journalism. She’s won more than a dozen regional, state and national journalism awards.

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