RAD to hold public hearing on bond for stadium expansion
The Allegheny Regional Asset District has until July 3 to hold a public hearing and vote on guaranteeing a $25 million bond for expanding Heinz Field.
After RAD's meeting Thursday, Executive Director David Donahoe said that the Sports & Exhibition Authority asked the agency to guarantee the bond, acting as a sort of co-signer. The debt would be paid back by a portion of Steelers ticket sales. “Any time you back a bond issue, there's a potential risk, but this is very, very, very small,” he said.
The bond would help pay for the $40 million addition of 3,000 seats, a second scoreboard and improvements to the stadium's control room. An exact date for the hearing will be announced.
RAD supports stadiums, parks, libraries and cultural groups with half of the proceeds of an additional 1 percent sales tax in Allegheny County.
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