(Lancaster) -- A new plan to shore up the finances of the Lancaster County Convention Center Authority has been released.
Lancaster County Commissioner Scott Martin says the convention center is barely hanging on under the terms of its existing debt, and without action the rates would only increase.
So, he's touting the details of a new funding plan he believes can put the facility on solid financial footing moving forward.
He says the plan requires concessions from all partners involved.
"That also would give us a 125 basis point reduction in interest costs," Martin explains. "To put that in simple English... we would be realizing about an $800 - $900,000 interest cost reduction."
Unlike previous proposals, Martin says this deal would not increase the county hotel tax. It would stay at three point nine percent. The bank has agreed to extend the current terms of the convention center's financing plan until next year.
Martin is optimistic the convention center partners will agree to finalize the proposal. All but one was present for yesterday's announcement.
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