The state of Michigan says the Detroit suburb of Allen Park has been released from receivership following improvements in its financial situation.
The state announced Tuesday that, effective immediately, city leadership will regain control and manage all internal operations and finances without state oversight. Treasurer Nick Khouri says in a statement the city has "an opportunity to succeed independently."
Allen Park Mayor William Matakas says he looks forward to working with state and local officials "to ensure we continue down a path of financial success."
The Allen Park city administrator in 2012 requested a preliminary review of the city's finances as it faced a budget deficit, falling property values and a failed movie studio development project. An emergency manager was in place from March 2013 to September 2014.