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Penn Square Partners Denied Additional State Grants At the LCCCA board meeting held on October 30, 2008, it was announced that State Sen. Gib Armstrong had promised the LCCCA would receive an additional $3 million out of the $3.2 million which had been requested to complete construction of the project. However, the Penn Square Partners' request for an additional $2.8 million State grant had been rejected. In addition, conditions were attached to the LCCCA grant that none of the money be shared with the PSP, in violation of the agreement which specifies that any additional State grants be shared equally between the LCCCA and PSP. There is no word as to how the Penn Square Partners will react to this development. This may become a major issue, since officials from the PSP have been quoted in the media many times as saying there will be no additional up-front investment beyond the $11 million in "equity" already committed. At the LCCCA board meeting held on November 20, 2008, it was confirmed that the last of the State grant money promised to the LCCCA was being made available. This includes the remaining $1 million from the additional $1.5 million promised by State Sen. Gib Armstrong in March of 2007. According to the LCCCA web site, the currently estimated cost of the project is $174.4 million. |
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