Lancaster County Convention Center Gets Deadline Extension On Debt

Map of Pennsylvania highlighting Lancaster County

Map of Pennsylvania highlighting Lancaster County (Photo credit: Wikipedia)

The Lancaster County Convention Center is living on borrowed time.

With less than three weeks to go before the center’s $64 million in construction debt was due to be restructured — pushing interest rates higher — officials on Friday extended the financing for three more months.

The move buys time for negotiation with lender Wells Fargo to come to terms the center can live with.

A consultant sounded the alarm a year ago that the nearly 4-year-old center could be forced to close if revenues were not significantly increased or financing fees cut.

Read more: http://lancasteronline.com/article/local/813342_Convention-center-gets-deadline-extension-on-debt.html#ixzz2KX1XXIeh

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Lancaster County Convention Center Has Good Month, But Future Cloudy

Map of Pennsylvania highlighting Lancaster County

Map of Pennsylvania highlighting Lancaster County (Photo credit: Wikipedia)

Lancaster County Convention Center finances had a good month in November.

Reserve funds topped $5.6 million for the public meeting center.  And center officials believe this month will also end well.

That means the 20 percent stake of the Lancaster County hotel room tax which has been diverted to the Lancaster County Convention Center Authority will once again be paid to the Pennsylvania Dutch Convention & Visitors Bureau.

That money, which totals about $900,000 annually, has been going to the center authority since spring when the reserves required under the center’s bond indenture fell below $5.25 million.

Read more: http://lancasteronline.com/article/local/795319_Lancaster-County-Convention-Center-has-good-month–but-future-cloudy.html#ixzz2FhIxkHdZ