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City gives ice rink a boost

August 13, 1997

The operators of Hagerstown's new ice rink received more assistance from the city on Tuesday when City Council members unanimously approved a $75,000 line of credit to help with startup costs.

The credit will help the nonprofit Washington County Sports Foundation pay for furniture, fixtures and inventory for the pro shop, said City Finance Director Al Martin.

The foundation needs the line of credit until its bank loan is secured, he said.

The city would profit from the loan because the foundation will have to pay back the principle with 7 percent interest, Martin said. Normally, the city would make 5.75 percent interest by investing the money, he said.

The foundation will repay through monthly rental payments $1.2 million from the city that was used to help build the $2.3 million ice rink at the Hagerstown Fairgrounds.

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The rink is scheduled to open Friday.

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