Chair of the County Commissioners Scott Martin voluntarilly undertook the task of “walking where Angels fear to tread” by conducting negotiations with Wells Fargo Bank to try to redress the imprudent financing terms that the sponsors of the Convention Center Project agreed to in order to maximize the amount of funds that could be borrowed.
Martin proposed sacrifices on the part of the City of Lancaster, concessions from Penn Square Partners (Dale High and the Lancaster Newspapers) to modify their outrageously one side arrangements between their Marriott Hotel and the Convention Center Authority, and Wells Fargo bank which owns the Convention Center bonds.
As a ‘reward’ for his initiatives, the Penn Square Partners rejected his requests and Mayor Rick Gray also voiced opposition. The only news forthcoming from Wells Fargo has been extensions of deadlines.
The following notice was sent by the Lancaster County Commissioners:
Commissioner Martin to Hold Press Conference Regarding the Lancaster County Convention Center Financing Plan
WHAT: Press conference addressing the Lancaster County Convention Center financing plan.
WHEN: Wednesday, September 4, 2013
TIME: 10:30 AM
LOCATION: Room 701, Lancaster County Government Center
150 N Queen Street, Lancaster, PA
WHO: -Commissioner Scott Martin, Lancaster County, Chairman
-Issue Stakeholders in the Lancaster County Convention Center
NewsLanc plans to be represented.
Hmmm. Let me go out on a limb here…we, the County taxpayer, pay more/assume greater risk and PSP, and the City, pay nothing but they craft language to make it sound like they are paying more.
I’m so glad that you will attending. NewsLanc has consistently provided an unbiased reporting on all things relating to the taxpayer financed convention center / hotel project. I wonder if LNP will be announcing this press conference ahead of thime to inform/invite the public to attend. I’m sure that Bernard Harris already has his story written; and it will shed a positive light on PSP and a negative one on Scott Martin!!!!