Reading Phillies Want To Extend Stadium Lease

The Reading Phillies want to extend their lease of the city-owned FirstEnergy Stadium by 16 years to allow the refinancing of a loan that paid in part for the stadium’s recent $10 million makeover.

But City Council first wants to ask R-Phils‘ managing partner Craig Stein if the team is willing to pay more than its current lease that brings the city only $22,000 a year.

The current lease and the loan payments expire in 2021.

Michael Vind, the city’s financial consultant from S&Lutions, told council last week that Fulton Bank had been unwilling to extend the loan beyond the lease, but had to keep the annual payments to what the R-Phils could afford: $278,000 a year.

Read more: http://readingeagle.com/article.aspx?id=390681

About these ads

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s