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
