The concluding paragraph in “Convention center authority votes to refinance debt” states:
“Since it was proposed, supporters have said the center would not be financially self-supporting, but they said it would be a boon for the county due to spending of conventioneers and others who would come to center events.”
WATCHDOG: The “supporters” (of which the Lancaster Newspapers, Inc. was a leader) maintained proceeds from a portion of the county hotel room rental sales tax would be adequate to cover debt service and thus make the project financially viable.
That the LCCCA’s needs to borrow an additional $750,000 in part to meet its bond payment obligations is evidence that the Lancaster newspapers were foolhardy at best or disingenuous at worse. Remember, for years there was no Feasibility Study for the project despite the sponsors suggesting otherwise. The Commissioners took belated action by ordering a feasibility study from PKF Consultants. The PKF study concluded by recommending “either a downsizing of the project or an alternate use for the site.” Over the objections of a vocal minority of board members, the Authority chose to ignore the report and its findings.
We are still awaiting the “boon for the county.”
The article can be found ‘buried’ in the business section! Some things never change.
NewsLanc will report further on the Authority meeting over the weekend.
Would someone PLEASE explain exactly what benefits taxpayers have received from the hotel and convention center project? So far, a new Subway restaurant has been built across the street from the hotel (and has hurt Convention Center food and beverage revenues enough to be mentioned at public meetings). NO OTHER DEVELOPMENT can be attributed solely to the hotel and convention center.
So…….how much of a ‘boon’ has the White Elephant been for Lancaster City and Lancaster County? How many events have been scheduled at the Convention Center vs. being held at the Marriot? What has been the occupance rate at the Mariott? How many new businesses have opened in downtown Lancaster since the inception of this albatross? What has been the cost to Lancaster School District and Lancaster City by having this prime real estate tax exempt? When will LNP give true accountability and coverage to this money-sucking venture that is costing taxpayers untold dollares?
Quaestions, questions, questions………….who can an inquiring public turn to for answers???????
Unbelievable……the last study I saw in the LNP rated the Convention Center in Lancaster City as having a grade C possibility of succeeding when built…..much too close to the borderline. And they chose to ignore the warning because they thought they knew better. What’s the point of paying a company to do a survey and not giving credance to the results.
EDITOR: Perhaps an $186 million dollar project, all but $11 million in public money or guarantees with millions upon million upon millions in profits?