The $29.1 billion budget sent to Pennsylvania Governor Tom Corbett for approval includes a Consol Energy Center arena deal that puts taxpayers on the hook for approximately $1 million.
Under a deal brokered by former Governor Ed Rendell, the Pittsburgh Penguins will be leased the Consol Energy Center in order to keep the team in a stadium. Numerous public and private entities agreed to pay the lease held by the city-county Sports & Exhibition Authority, TribLive reports.
Corbett's press secretary Jay Pagni said, however, that the state is required to pay an additional $5.6 million over the next five years, approximately $1 million more than originally anticipated when the deal was reached in 2007.
As a result of a shortfall from two downgrades of the bond insurer's credit rating and an increase in the variable interest rate, Pagni said state taxpayers will be required to absorb the cost of the increase, according to TribLive.
The money will be transferred to the General Fund from the Gaming Economic Development and Tourism Fund.
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