The Lancaster County Convention Center has a new funding plan that promises to promote economic stability in the area. County Commissioner, Scott Martin announced his 5 year finance and 7 year marketing plans Wednesday morning. Martin says the agreement will pay off a $63 million debt.
“The facility needs the work and if it doesn’t before it ever gets to paying general fund dollars, the hotel tax needs to be what’s paying off the existing debt.”
Martin says the plan does not include an increase to the Hotel Tax. It will remain at 3.9%. He says the agreement requires 7 year participation from the city of Lancaster, Penn Square Partners and the Lancaster County Convention Center Authority. It requires 5 year participation from Wells Fargo and the Pennsylvania Dutch Convention and Visitors Bureau.
Martins says, “The city of Lancaster is agreeing to contribute $100,000 annually for 7 years, through the redevelopment authority of the city of Lancaster.”
He says another component is the Convention Center Authority makes annual payments of $97,000 to support a marketing budget. Lancaster Mayor, Rick Gray, says the plan provides a future of added attractions and an improved economy.
Mayor Gray says, “It’s exciting where we can go and put it on sound fiscal footing like this. It takes away all the concerns about whether you can plan something in 2, 3 to 4 years down the road.”
For details on the plan click here: Lancaster County Convention Center Plan