AFTERNOON UPDATE * LANCASTER SQUARE TO BECOME…

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ACNB BANK?

     The above is from the agenda for last night’s city council committee meeting. This is important and needs to be watched like a hawk.
     Patrick Hopkins told council that the city had requested bank note and bond issue proposals for the $9 million dollar portion of the construction cost of the two new fire stations. He said the best offer came from ACNB Bank (formerly Adams County National Bank) for a 20-year loan as follows:
—   First 10 years at a fixed rate of 2.82%
—  The next 10 years at a variable rate between 3.887% and up to a maximum of 5%.
     The city doesn’t actually know the cost of the two stations because the request for bids are out on both. The city has requested a bid for building one at a time and also a bid for building both stations at once. They expect to award the bid(s) in October.
     Mayor Sorace told council that they applied to the state for help and received only $500,000 of the four million they had requested. She stated they will re-request for more.
     The total cost, including demolition is expected to be 11.5 million with the remainder from the $9 million they plan to borrow coming from a 2018 bond issue and the general fund and one other source that I didn’t catch.
     The design of the two stations is identical with 3 bays on the first floor and the living space on the second floor. Asked if there had been any change in the situation with the Wacker Brewing Company and a lease they have for a warehouse at the 425 West King Street location which would hold up construction, Mayor Sorace stated there was no change in the status. She did say that the city plans to have the demolition and concrete work done before winter, so how that is attainable is not known.
     The approval of the loan from ACNB bank was moved forward to the August 13th city council meeting. 

*    The Columbia Spy has an excellent write-up on Hobie Crystle, who is running for District Attorney (click here).

EWELL PLAZA

      City council voted last night to move forward on changing the name of Lancaster Square to Ewell Plaza. It was placed on the agenda for the August 13th meeting of city council.
Please check back later today.

7 Responses to AFTERNOON UPDATE * LANCASTER SQUARE TO BECOME…

  1. it stinks again says:

    Shades of MAW!! This firehouse deal reeks of highly suspicious to downright crooked. Just why does the city of Lancaster believe that they are entitled to millions of dollars of state money? A bank from Adams Co, come on, they can’t even find a local bank to play with.

  2. savings says:

    Only Hopkins and Sorace could tout a $9,000,000 loan as a “savings” ( see 30:40).

    In the last year the city has “saved” $130,000,000 in debt and built virtually nothing, but paid $2,000,000 to rent a half acre of land, 3,000,000 to buy lights with no poles, however many millions they’ve lost on MAW, and whatever they’re going to have to pay Whacker. And the roads are falling apart.

    If they “save” any more, they’re going to have to declare bankruptcy. Oh wait, they’ve already started that process with the state.

    • Becky says:

      I “enjoy” these opening sentences by LNP reporter Tim Stuhldreher:

      When plans to replace Lancaster’s two aging fire stations on East and West King streets were unveiled early this year, Mayor Danene Sorace said the hope was to fund them without additional borrowing.
      It turns out that won’t be possible — due in part to a disappointing outcome on a state grant application.

      Um… the grant was for $4 million (the city only got $500,000) so if the stations cost 9 million plus, how could they have done this without additional borrowing? Spin it, Tim!

      Lancaster city to borrow $9M for fire stations’ replacement

      • Becky says:

        Stuhldreher’s article is no longer on LNP’s homepage and the above link no longer works! What is going on?

        • huh? says:

          If you do a search of Tim Stuhldreher in the search function, the article is not listed. It’s been wiped clean off of the site.

          Was it in the print edition? Wonder who got pissy prissy …

          • Becky says:

            No, it was not in print. It went up on Lancaster Online at about 6:00 pm today. One big thing/error I noticed was that he never said for the second ten years the variable rate begins at 3.887%. He made it sound like the 2.82% rate from the first ten years might extend into the second ten years. Not true!

  3. Ellen Pee says:

    Ok. But LNP has a great write up on how the Amish keep cool in the summertime.