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!

From Left: LCCCA Executive Director Kevin Molloy, LCCCA Board Secretary Patrick Snyder, LCCCA Board Chair Sharron Nelson, Ph.D., and LCCCA Bond Attorney Peter Edelman.

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