After nearly 2 years of negotiating, officials in Lancaster City are hopeful they have successfully found a plan to help pay for the debt from the Lancaster County Convention Center.
On Friday, County Commissioner Scott Martin talked about how the plan would help pay down debt created from construction while not forcing tax payer to pay a penny.
Under the 7-year plan, the city is required to contribute $100 thousand annually as well as give all money made from the county’s hotel tax for the next several years.
“In terms of what makes this work, this works and this gives hope to a successful venture downtown and I hope that all the partners realize that. This isn’t the final answer in this deal but we’re going to have to come back to the table and we’re going to have to re-finance it,” Commissioner Martin said.
The city’s total contribution over the course of the plan will be $5.7 million.
Financial partners in the plan have until June 10 to agree to the deal.