Progress

By Bill O'Boyle boboyle@timesleader.com
Times Leader Staff Writer
Bill O'Boyle on Facebook   |   @TLBillOboyle on Twitter

WILKES-BARRE – Coal Street Park will have a new ice rink, playground equipment, basketball and tennis courts, bright lights, security cameras – and Penguins.

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The Wilkes-Barre/Scranton Penguins attend a press conference about Coal Street Park, which will host their new practice facility.

AIMEE DILGER/THE TIMES LEADER

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Mayor Tom Leighton on Tuesday announced financing is in place for the long-anticipated $13.7 million Coal Street Park renovation project.

Leighton said the project, which broke ground two weeks ago, should be completed in 18 months. The park renovation is separate from the Coal Street road-widening and extension project.

Wilkes-Barre/Scranton Penguins executives, coaches and players attended the press conference at City Hall.

Leighton said the Penguins will be the “anchor tenant” at the 45,000-square-foot complex, which will serve as the team’s practice facility and office headquarters.

“This project is more than an ice rink,” said Penguins chief executive officer Jeff Barrett.

Barrett said most of the team’s practices will be open to the public. The facility will have seating for 500.

“In its current state, Coal Street Park is an unwelcoming sight for residents who live near the park and visitors who travel on Coal Street,” Leighton said. “This extensive rehabilitation project has been a goal of my administration for the past several years.”

Funding for the park project will come from: a $4.5 million state Redevelopment Assistance Capital Grant; $4.8 million in issued and unissued bonds; $2.4 million in cash realized from the sale of the federal New Market Tax Credits; and a $1 million grant from Luzerne County.

The mayor said the city is looking for ways to fund the $1 million gap. An announcement will be made regarding the funding source, he said.

U.S. Rep. Paul E. Kanjorski, D-Nanticoke, was at the mayor’s side with news that the project will receive $2.4 million from the New Markets Tax Credit program.

The $19.5 billion federal initiative provides incentives to attract private investment for business growth and community development opportunities in underserved neighborhoods.

“These … tax credits are especially important because they are providing money to a project that might not have otherwise received funding during these turbulent times,” said Kanjorski, who worked with President Clinton to make the New Markets Tax Credit program a reality.

Leighton said the project will be financed through a collaborative effort with PNC Bank and a non-profit corporation formed by the Pennsylvania Housing Finance Agency.

Ryanne Shuey of PHFA said the agency was selected to receive the federal tax credits and then sell them to PNC.

John Koval, city finance director, said the sale of the tax credits generates the cash to be applied to the project. He said PNC will receive a tax write-off for buying the credits.

Leighton said the financial package is a complicated process.

“I leave that to the financial minds,” Leighton said. “Blight will be replaced with modern construction.”

Leighton said the city’s ability to forge ahead with projects like Coal Street is a sign Wilkes-Barre is undergoing its revitalization.

“So many people have fond memories of ice skating, playing basketball, tennis and other sports there,” the mayor said.

“As a result of this project, a whole new generation will be able to enjoy the facilities at Coal Street Park,” he said.