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Council to vote on rink's line of credit

February 17, 1998

Council to vote on rink's line of credit

Hagerstown City Council members will vote next Tuesday on whether to approve a third extension for the Washington County Sports Foundation to repay a $75,000 line of credit.

The foundation is asking for a 90-day extension to June 1, said Councilman William M. Breichner, who also serves as chairman for the foundation's board of directors.

The nonprofit foundation operates the $2.3 million Hagerstown Ice & Sports Complex at the Fairgrounds, to which the city contributed $1.2 million. The foundation is to repay the city through rent.

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The line of credit is now due March 1.

The extension is needed until foundation officials can secure a bank loan, officials said.

Breichner said foundation officials are close to being ready to go to local banks for a loan that would include funding to repay the city.

Breichner said in January the foundation needed a $475,000 loan.

It has taken foundation officials several months to organize financial records, which were not in the best of shape before the September restructuring of the board, Breichner has said.

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