Contributing to the economic vitality of Lancaster by providing an inviting,
world-class business and event destination for guests.

Lancaster County Convention Center Authority refinances construction debt!

At 10:30 yesterday (12/1/2022) the Lancaster County Convention Center Authority (LCCCA) closed on a $70,000,000, 35-year, fixed interest rate (4.75%) financing Bond Issuance.

The goals of a new LCCCA bond issue:

1. Financial Stability of the LCCCA.

2. Maximize Discover Lancaster’s annual receipt of its Hotel Room Rental Tax funding.

3. Funding of capital reserves to keep the LCCC the beautiful venue it is.

The LCCCA’s refinancing of debt has been desired by the LCCCA for 14+ years, but always found market conditions were not right for the needed transaction.

Market conditions and assistance from Lancaster County Board of Commissioners, and Discover Lancaster made today’s refinancing a reality.

Lancaster County Controller Lisa Colon and Commissioner Ray D’Agostino were instrumental in the development of the Lancaster County Ordinance the Board Commissioners voted on.

Lancaster County Board of Commissioners; Ray D’Agostino, Joshua G. Parsons, and John Trescot unanimously voted on ordinance #154 to guarantee the LCCCA’s 2022 Series bonds Debt Service Reserve Fund.  

Lancaster County Commissioner, Ray D’Agostino

“It’s a win, win, win, win, Lancaster County Taxpayers, Lancaster County Tourism industry, , Discover Lancaster, Lancaster County Convention Center Authority a long-term refinancing benefits everyone, its transformational.”

The LCCCA is grateful for Discover Lancaster’s collaborative efforts in agreeing to a new MOU with the Authority that made this refinancing possible and aims to serve the best interests of both entities.

The Lancaster County Convention Center Authority:

Mission:

Provide an inviting, well managed, and well-maintained Lancaster County Convention Center facility for guests.

Outcome

Lancaster County Convention Center contributes to the economic development of the City of Lancaster and Lancaster County.

Annual Economic Impact Estimates of Lancaster County Convention Center *

                                                                      2018      2019    2020**

City of Lancaster                                           $32.2     $34.1   $7.4

Lancaster County                                          $23.5     $25.6   $4.9

($millions, in 2020 US Dollars)

*    Impact Study of the Lancaster County Convention Center in Lancaster, PA. 12/14/2021

       HVS Convention, Sports & Entertainment Facilities Consulting

      Thomas A. Hazinski, MPP Managing Director

**      Pandemic started on March 13, 2020

Lancaster County Convention Center Authority Board Members:

Sharron V. Nelson, Ph.D., Board Chair

Thomas Showers, Vice Chair

Darcy Pollock, Treasurer

Patrick Snyder, Secretary

Ted Darcus, Assistant Secretary

Scott Bowser

Zachary Peirson

The LCCCA Bond Issuance Team:

Lancaster County Convention Center Authority

Kevin R. Molloy, Executive Director, LCCCA

Katlyn A. Diehl, Business Manager

LCCCA Financial Advisor

Michael D. Vind, Managing Director, FSL Public Finance, LLC

LCCCA Bond Counsel

Peter T. Edelman, Chair, Tax-Exempt Finance Department, Stevens and Lee

Lancaster County Bond Attorney

Tim Horstman, Public Finance and Tax Attorney, McNees Wallace & Nurick

LCCCA Underwriters:

Lou Verdelli, Managing Director, Raymond James Municipal Finance

Jay Wenger, Managing Director, RBC Capital Markets, LLC

Bond Trustee:

Alphonse C. Miller, CTMC Vice President, Wilmington Trust, N.A.

LCCCA Business Advisor:

Steven J. Geisenberger, Principal, Walz Group CPA

The LCCCA Operations Committee meeting scheduled for Thursday, October 6, 2022 at 5:30 P.M. in Commons on Vine has been canceled.

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Lancaster County Commissioners Vote for Guarantee to LCCCA 35-Year Fixed Rate Bonds

Lancaster County Board of Commissioners. Left to Right: John Trescot, Chairman Ray D'Agostino, and Vice Chairman Josh Parsons On September 13, 2022 at both the County Commissioners Workshop, and the Board of Commissioners Meeting, the Lancaster … [Continue reading]

LCCCA Bond Issuance Team Presented at Lancaster County Commissioners Workshop

Left to Right: LCCCA Financial Advisor Michael Vind, LCCCA Bond Counsel Peter Edelman, LCCCA Executive Director Kevin Molloy, Discover Lancaster President Edward Harris, Lancaster County Bond Attorney Tim Horstman, and LCCCA Underwriter Lou … [Continue reading]

July 28, 2022 LCCCA Special Board Meeting

At the LCCCA Special Board Meeting held on July 28, 2022, the board approved the LancasterHistory.org lease and accompanying resolution, 2022 MOU with Discover Lancaster and accompanying resolution, and the 2023 LCCCA Bond Refinancing Proposal … [Continue reading]

The LCCCA Special Board meeting scheduled for Thursday, June 30, 2022 at 5:00 P.M. in Commons on Vine has been cancelled.

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The LCCCA Finance & Audit Committee meeting scheduled for Thursday, June 16, 2022 at 5:30 P.M. in the Montgomery House has been cancelled.

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Lancaster County Convention Center Authority – Underwriter Selection

Ladies & Gentlemen: The LCCCA would like to thank all of the firms for submitting proposals to serve as the underwriter to the LCCCA in connection with its anticipated transactions.  On Monday evening May 9th the LCCCA Board of Directors held … [Continue reading]

Request for Qualifications – Underwriting Services – Lancaster County Convention Center Authority – Federally Taxable 2022 A Bonds and Tax-Exempt 2022 B Bonds

Ladies & Gentlemen: FSL Public Finance, LLC (“FSL”) has been engaged as the financial advisor to the Lancaster County Convention Center Authority (the “Authority”).  The Authority is soliciting responses to the attached Request For … [Continue reading]

Lancaster County Convention Center 2021 Annual Report to the County Commissioners

At the Lancaster County County Commissioners Work Session, held Tuesday, December 14, 2021, Thomas Hazinski of HVS presented the Lancaster County Convention Center Economic Impact Report for the operating period 2018 through 2020.  Josh Nowak gave … [Continue reading]