“Under eminent domain, the city would pay fair market value for the property and lien holders would then be paid.”
Tag: News and Commentary
Travel to Asia and a book on Putin led to reflections on Lancaster
Over half a century ago when we first arrived in Lancaster, the public’s business was conducted with transparency. The Steinman newspapers and TV station were devoted to the public good, both in reporting and through philanthropy. Business investment was encouraged and, when perceived to have merit, funded by the banks. Business thrived and investors, not the public, assumed the risks.
If only Lancaster responded to our web sites as do Budapest
If people think NewsLanc stirs up trouble in Lancaster, take a look at coverage by our Budapest web site to see what is happening in Hungary.
Good conversation over a Georgetown dinner
U. S. foreign policy with special attention to Syria was the subject of discussion over dinner in a Georgetown restaurant yesterday evening among the publisher, law school student son Benjamin, and friend, a former State Department department head and author who has long been retired.
County full guarantee: How scoundrels thwarted the will of the public and the commissioners
Simply put, the sponsors and advocates got control of the the former county commissioners who tied the hands of their successors, then the LCCCA, then its board, spent $8 million in legal fees to create a juggernaut to steam role opposition, rammed through one sided agreements on behalf of the Marriott Hotel equitable owners…
Martin plan for Convention Center financing moves ahead; Penn Square Partners gets free ride
At a specially convened news conference, County Commissioner and Vice Chair Scott Martin announced that his plan for refinancing the terms of the Convention Center will move ahead by July 1 but Penn Square Partners (PSP) has declined to participate.
Commissioner Martin to Hold Press Conference Regarding the Lancaster County Convention Center Financing Plan
Wednesday, June 18, 2014 10:15 AM
CONVENTION CENTER UPDATE WITH POSTSCRIPT
It is easy for PSP to claim that they are willing to sign on to the Martin Plan when they proffer side agreements that materially change the entire negotiation. They seek to feather their nest for a full 95 years, by forcing the county tax payers to fund the marketing program as well as guarantee the debt.
CONVENTION CENTER UPDATE: When is a hold up a ‘hold up’?
Consistent with its past ‘hard ball’ approaches, now it appears that PSP is holding out for a secondary agreement with the Lancaster County Convention Center Authority (LCCCA) whereby the Authority would commit to a substantial level of marketing expenses for the Center, not only for the seven years of the interest rate re-set, but for the full 95 years remaining on the condominium agreements. (The hotel and Convention Center adjoin and share public areas.)
All parties but Penn Square Partners have approved Convention Center proposal
Commissioner Martin previously stressed that all stakeholders must approve the deal prior to June 11, 2014. “I commend the LCCCA for looking at the larger picture and agreeing to this plan and encourage the remaining stakeholder, Penn Square Partners, to do the same.”
Convention Center Authority approves Scott Martin proposal
The Board members understood the draw back of the county providing a guarantee in perpetuity while the interest rate formula is only for five years, a 1.1% savings over what otherwise would have been charged. However, it was the view of members of the authority that Commissioner Scott Martin had fought a long and hard battle and left no stone unturned in negotiating the concessions achieved, and no good would be served by the Board refusing to go along.
Martin plan for Convention Center would be disastrous if…
Lehman refers to “five years” and others have said the term is seven years. It doesn’t matter. The point that Lehman apparently is making is that the expanded guarantee should not be longer than the renewal term…and, if so, he is absolutely correct.
Re Convention Center: Should State protect citizens or creditors?
Were it not for Act 47 the Lancaster County Convention Center Authority could have used the threat of Chapter 9 of the Federal Bankruptcy Act to reorganize its one sided contracts with Penn Square Partners and to have ‘crammed down’ interest rates and possibly principal owed on its bonds, owned by Wells-Fargo Bank.
PDCVB Votes to Support the Updated Convention Center Financing Plan Collaboration Agreement
“I greatly appreciate the continued support of PDCVB and its’ members,” stated Commissioner Martin. “It is important that this plan, which addresses 7 years of revenues and 7 years of expenditures and provides a bridge of financial stability as we await the opportunity to establish a long term plan in the future, is supported and adopted by all the stakeholders.”