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.
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