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.
Show commenting policy
TribLive commenting policy
- Steelers notebook: Adams replaces concussed Gilbert
- Bortuzzo could provide much-needed physical presence for Penguins
- Gorman: Perry makes the right call on canceling playoff game
- Steelers players are ready for annual runway turn for charity
- State Supreme Court Justice McCaffery suspended in email porn scandal
- Former Penn State assistant coach Johnson just visiting this time
- Moon Area school district eyes solar energy
- Harrison woman dead in 3-car crash in Natrona Heights
- HS highlight reel: Quite a weekend for Penn-Traffod’s Aunkst
- Freeport volleyball team fights another foe — complacency
- Pitt notebook: Chryst didn’t lobby to keep Watt at tight end