New Castle News

Local News

May 1, 2013

Bond lender gets OK

NEW CASTLE — A county agency that facilitates loans has approved Citigroup Global Markets as a bond lending institution.

County commissioner Dan Vogler reported Tuesday that the Lawrence County Industrial Development Authority approved the firm for the issuance of a $50 million bond transaction that would help fund the racetrack/casino proposed for Mahoning Township. The vote was 5-0.

The bond issue would be paid off using the county’s share of anticipated revenues from the casino, Vogler said.

Endeka Entertainment of Philadelphia, which is proposing to build the harness racing track and casino, needs the assurance of a bond issue as part of its financing package it must present to the state harness racing commission, in order to retain its harness racing license.

Vogler said Tuesday he has provided the documentation of that step to the racing commission.

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