Business Services Industry
Hearing about Harrisburg, Pa., office building to begin.
Knight Ridder/Tribune Business News, August, 2004
By Jack Sherzer, The Patriot-News, Harrisburg, Pa. Knight Ridder/Tribune Business News
Aug. 15--When investors bought $75.35 million in bonds that enabled the Dauphin County General Authority to buy Forum Place in 1998, the downtown office building was a moneymaker.
But in 2001, the major tenant in the 10-story building -- the Pennsylvania Department of Transportation -- ended its short-term lease and moved out. A year later, with the building half-empty and no major tenants on the horizon, the authority began defaulting on payments to the bondholders.
The failed venture was the first and only default by a municipal authority in state history. It also raised a question: Did the financial adviser and the investment bank involved in the...
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