Final Spooky Nook financing arrangements beginning

Final arrangements for what will be the financing of the estimated $144 million Spooky Nook Sports Champion Mill gigantic indoor sports complex and convention center were being worked out Wednesday, a process that generally takes anywhere from hours to days.

“This transaction isn’t a normal bond issue,” said Andy Brossart, a financial adviser for Hamilton with Bradley Paine Advisors. “With these types of deals the pre-marketing period takes much longer with a lot more questions and answers from potential investors.”

ExploreMORE: Hamilton is selling its city government building. Here’s what that means going forward.

The city has been working with investment brokers and investors since mid-December, Brossart said Tuesday.

“They are in the middle of building a book of investors and supplying feedback,” he added via email. “This final pricing process can take two hours or it could take a few days, it’s always hard to predict.”

That activity has been taking place on a trading floor in Minneapolis and will determine the “definitive structure and pricing” of bonds, Brossart said.

ExploreRELATED: Hamilton council approves financing incentives for giant Spooky Nook project

The city and operators of the original Spooky Nook facility near Lancaster, Pa., have been working for years on a variety of bonds, tax credits and other methods to be used to finance the project.

Officials have said once the financing and projects are finalized, Spooky Nook will be able to go to its construction contractors and sign contracts for the project that is estimated to be completed by late 2021.

For the most part, Spooky Nook and its promoters need renderings anda pledged completion date from the construction firms before they can book events there. That way, event organizers can envision what the facilities will look like and be comfortable that what will be the largest indoor sports facility in North America, eclipsing the one in Pennsylvania, will be ready in time for them.

ExploreHere was the most recent detailed description of Spooky Nook financing. It has since been changed: A DEEPER LOOK AT SPOOKY NOOK FINANCING: Hamilton’s funding plans for mega sports complex

About the Author