$12 Million Funding Announced for UPMC Park Improvements
The Erie County Convention Center Authority (ECCCA) and Marquette Savings Bank announced that major improvements to UPMC Park and adjoining properties will be funded by a $12-million loan.
The tax-exempt, multi-draw, 60-month term loan will finance: an upper-level stadium club; a team store; renovated restrooms, concessions and corporate suites; new offices and picnic areas; and a new, state-of-the-art digital scoreboard.
“As the only remaining locally headquartered bank, we felt it was important to provide the very best terms we could to finance improvements to this important regional asset,” said John Dill, Senior Vice President, Marquette Business Banking. “Our board, executive team and all employees are excited about being involved with making these improvements possible.”
The loan provides financing needed to start the improvement project in advance of a Pennsylvania Redevelopment Assistance Capital Program (RACP) grant to fund the improvement projects at UPMC Park.
“Marquette made it easy for us,” said John “Casey” Wells, Erie Events Executive Director. “It was obvious they wanted to work with us and went out of their way to make the process simple and attractive. Their willingness to be flexible and provide a very competitive rate made our decision easy.
“The fact that Marquette is a hometown community bank and its money stays in our community was also a plus,” he added.
Erie SeaWolves fans will experience the first project covered by the financing this Thursday, June 27, when the new state-of-the-art digital scoreboard will go live in center field for the 7:05 p.m. game.