TribLIVE

| News


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

RAD to hold public hearing on bond for stadium expansion

Daily Photo Galleries

Thursday, May 29, 2014, 5:36 p.m.
 

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.

Subscribe today! Click here for our subscription offers.

 

 
 


Show commenting policy

Most-Read Stories

  1. Capitals dominate overmatched Penguins in win at Verizon Center
  2. Starkey: What are Penguins, Pirates up to?
  3. Armstrong targets savings by refinancing debt
  4. Shaler grad pens poems on time served in Vietnam
  5. Nonprofit helps police keep wanderers safe in Mon-Yough area
  6. Duquesne City School District receiver accepts $1.335M interest-free loan
  7. Pennsylvania Gov. Wolf to sign order barring drilling of new oil, gas wells in state forests, parks
  8. Penn Hills man charged in robbery of The Exchange in Ross
  9. Popular Super Bowl, March Madness traditions prohibited under state law
  10. Super Bowl ads win by playing to viewers’ emotions, experts say
  11. Rustic Ridge Mine permit request criticized