County Commissioner: Deal Will Put Lancaster County Convention Center On Solid Financial Footing

Lancaster County Commissioner Scott Martin announced an agreement Wednesday that promises to put the Lancaster County Convention Center on solid financial footing.

But it requires significant concessions from six parties, and that work is not yet complete.

One of those parties, Penn Square Partners, was noticeably absent from the press conference in the commissioners’ meeting room.

Penn Square Partners Vice President Mark Fitzgerald said later Wednesday the private-sector partners participated in crafting the agreement and agreed with its provisions in principal.

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Refinancing Deadline Extended Third Time For Lancaster County Convention Center

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

For the third time, the deadline for the refinancing of the Lancaster County Convention Center’s debt has loomed and for the third time the deadline has been extended.

On Thursday, board members of the Lancaster County Convention Center Authority approved a 120-day extension of the terms of the $64 million debt agreement. The September 3 deadline was extended to January 2.

County Commissioner Scott Martin has been negotiating on the authority’s behalf with Wells Fargo, the sole bond holder, on the terms of a subsequent agreement.

“We’re going to need some additional time to dot the i’s and cross the t’s,” authority board chairman Kevin Fry said in announcing the extension.

Read more: http://lancasteronline.com/article/local/886288_Refinancing-deadline-extended-third-time-for-Lancaster-County-Convention-Center.html#ixzz2coPiuDDR