From CentralPennBusiness.com, posted February 18:
“Millersville University may buy the troubled Pennsylvania Academy of Music building in downtown Lancaster from its owner, Union National Community Bank, sources at the university and academy said today.
“It would work really well with our commitment to performing arts,” university spokeswoman Janet Kacskos said.
“The academy signed over the $32 million building at 42 N. Prince St. to the bank last year after defaulting on $11 million in loans. The academy rents the building for about $10,000 a month.”
Click here to read the full story.
Does the Music Academy pay taxes to the city? Probably not, will Millersville? Probably not.
A suggestion: Instead of building a new City Hall and taking land from Marion Court via eminent domain, why not sell city hall to a law firm or company that belongs to the Hamilton Club (great location) and renovate the Music Academy into the new city hall? I am very serious, what is the price tag?
The price tag would most likely be three times what it would cost to upgrade and expand the current City Hall.
The price tag [to acquire the PAM building] would most likely be three times what it would cost to upgrade and expand the current City Hall.
The other factor is what would it cost to operate the building. The PAM structure would cost several times as much to heat and maintain as a renovated and expanded City Hall would.
The cost of operating a building is an increasing issue in days of tight budgets and high taxes. The current plan is to build a council chamber on the top floor of the proposed City Hall annex, so the Southern Market can be sold. …Southern Market is a VERY expensive building to operate and maintain.