WILKES-BARRE TWP. — The Luzerne County Convention Center Authority Wednesday followed up on amending a loan to switch to a new rate index next year.
At its regularly scheduled monthly meeting the Authority’s board approved the amendment that changes to the Secured Overnight Financing Rate or SOFIR from the London Interbank Offered Rate or LIBOR. The board was briefed on the switch last month by its financial adviser, Financial Solutions.
The interest will remain at 3.23% for the $21.45 million loan that matures in 2035 through FNB. It will cost the board approximately $70,000 out-of-pocket to amend the loan. Had it chosen to amortize the cost to make the switch, the interest rate would have increased and added between $300,000 and $400,000 to the debt.
The board approved several construction and equipment projects for the Mohegan Sun Arena at Casey Plaza:
• Removal of the top coat on the concrete pedestrian bridge at a cost not to exceed $20,000 by Postupak Painting Co., Inc.
• Hiring engineer George Albert at a cost not to $1,000 to prepare a Request for Proposal to repair the cracks on the pedestrian bridge.
• The purchase of time keeping equipment for employees at cost not to exceed $15,000 from ABI.
• The purchase of video-room equipment at a cost not to exceed $7,000.
The board also appointed CMTA to prepare an energy savings report for the arena.
Will Beekman, general manager of the arena for the management firm ASM Global, relayed his impressions about the Sept. 3 political rally at the arena that featured former President Donald Trump and Republican candidates for state and federal offices.
The arena’s crew worked closely with Trump’s staff as well as the federal Secret Service detail assigned the former president, Beekman said.
“Certainly a hectic week. But the end result is an event that went smoothly, certainly no issues. Everyone on the Trump team (was) happy. They raved about our staff. They were respectful. They were good to us,” Beekman said.
Reach Jerry Lynott at 570-991-6120 or on Twitter @TLJerryLynott.