What an irony. The very interest who feathered its nests with millions in development fees and construction contracts, a partner who used its newspapers to bludgeon those who opposed the project, and the bank that engaged in reckless lending, now seek to gorge themselves on still more of the public money.

The Intelligencer Journal New Era article “Still no deal on Lancaster County Convention Center” caught up to NewsLanc’s March 6th report “Crunch time for saving the Convention Center”, providing specifics that NewsLanc’s editor chose not to reveal lest it interfere with ongoing negotiations.

In short, it appears that your bank is knowingly and purposefully supporting two unsound municipal projects that are destined to fail. You must recognize that the convention center and hotel are not financially viable and that, no matter how secure Wachovia’s Letter of Credit is, Wachovia’s support of this entire project will precipitate a huge financial burden and economic blight on the Lancaster City and Count taxpayers for decades to come. The fallout from the collapse of this project and subsequent financial burden will land squarely on Wachovia’s ability to do business in this region.

Without the significant lowering of interest rates envisioned by the Martin Plan, the Convention Center will continue on the road to bankruptcy. Payment of debt service has priority over all other outlays. There won’t be enough money left over for proper promotion, maintenance and, even if there is a reduction in interest, major maintenance projects and renovations.

An article “Hotel Lancaster lines up for CRIZ money” appearing in today’s Lancaster Intelligencer Journal / New Era but not yet posted at LancasterOnLine.com clarifies past misleading reports but provides new incredulous information:

Let’s see now, P3 provides the public a future benefit at future public costs. On the other hand, the City Revitalization and Improvement Zones a/k/a as CRIZ, offers private parties current benefits at future public costs.

For about ten days, we have been trying to write an accurate article on the status of the Martin Plan for salvaging the Convention Center finances. Problem is there is nothing definite to report about the proposed and further negotiated Collaboration Agreement, only a lot of scuttlebutt. But here it goes.

“The city’s contribution of $2 million to $5 million annually for FF&E is slated to come through the City Revitalization and Improvement Zone program. Lancaster has not been selected for the new program, but an announcement could come from state officials within days. City officials remain confident.”

Molloy pointed out that while Interstate Hotels, which jointly manages both the Marriott Hotel and the Convention Center, shares certain information with the LCCCA, but not the amount and sources of Marriott business. Such information is proprietary to the Marriott’s equitable owner, Penn Square Partners.

“I greatly appreciate the support of PDCVB and its’ members,” stated Commissioner Martin. “It is important that this collaborative plan is supported and adopted by all the stakeholders in order to bring this process to closure, get significant interest cost relief from Wells Fargo and to put the Convention Center on solid financial footing”.

The chickens have come home to roost, as foreseen by the former County Commissioners and those who questioned the viability of the proposed convention center project. Meanwhile the project’s sponsoring partners and equitable owners of the Marriott Hotel endeavor to rewrite history concerning their past misrepresentations and current irresponsibility.