$7 Million 'Swiped' from Parking Authority to Help Close Gap
To reduce the funding gap to the $27 million level, the Convention Center Authority will renege on a promised gift of a $7 million multistory parking garage, free and clear of encumbrances, to the Lancaster [City] Parking Authority.
Instead, Lancaster Newspapers, Inc. will loan $3 million, interest free,
for a three year term to the parking authority to the parking authority so that
the authority can purchase a parking lot provided by the Newspapers.
City taxpayers: You just
potentially lost $7 million (about $350 per household) and have taken on $3 million in additional debt.
