September 2003

Cortland Sports Complex Holds Ground Breaking

The Board of Directors and the capital campaign steering committee of the Cortland Sports Complex held a ground breaking ceremony on September 22 to announce funding from Key Bank of Central New York and a loan guarantee from the United States Department of Agriculture - Rural Development that will allow the Complex to begin construction in late September.

"Key Bank has played a critical role in partnering with the Sports Complex to provide the construction financing we needed to begin construction this year. Without their support and confidence in our project, we would not be in a position to break ground," said Larry Hirschfield, President of the Cortland Sports Complex. "We are grateful to have found a banking partner who understands the complexities and potential of a project like this and who has the vision to see how important it is to our community. Key Bank will be providing construction financing of $3.5 million that will convert to a 10 year permanent loan upon completion of construction."

"We appreciate the opportunity to participate in this vital community project. The volunteer board of the Sports Complex has worked diligently to bring this project to groundbreaking and we are excited about the opportunity this community has to showcase the Sports Complex as another resource to attract business, promote our quality of life, and meet the needs of our community members," said James Gaspo, Key Bank District President.

"Since much of our cash flow is a result of pledges from foundations, companies and individuals, Key Bank requested that we secure a guaranty for the project," said Hirschfield. "We went to work with USDA - Rural Development to obtain a 90% guaranty of the permanent loan from Key Bank." Patrick Brennan, New York State Director of USDA/Rural Development, was the point person for the Cortland Sports Complex on this project.

"With any project of this magnitude, there was a great deal of documentation that was needed in order to accomplish this task. Don Battin, Vice President of the CSC, led the efforts to obtain all the information needed to satisfy the requirements set out by USDA," noted Hirschfield. "Many people have contributed countless hours to this project and we are very grateful to all the volunteers in the Cortland Community who have supported this project throughout its development."

The ground breaking ceremony was held on September 22 on the site of construction at the Cortland County Fairgrounds. Linda Hartsock, Executive Director of the Cortland County Business Development Corp. was the master of ceremonies for the event. "We have been pleased to work with the volunteer team on this project since the beginning, and are delighted that the financing has come together to turn this vision into a reality," said Hartsock. "This will be a wonderful new asset for the local community as well as the greater region, and we commend the many people involved in making it happen. It's a great example of a federal, state, county, local and private sector partnership."

Construction of the facility will begin at the end of September. It is expected to take approximately six months to complete the facility enabling it to open in the Spring of 2004. The building is 80,000 sq. ft. in total and will contain a regulation ice hockey rink and 2 turf fields that can be used for soccer, lacrosse, and other field sports. In addition, there is other space within the facility for indoor sports such as gymnastics, dance, and exercise classes. The facility will also contain a concession stand, dining area, locker rooms, offices, game room and large areas that can be used for parties. During the non-sporting season, the facility can be used for special events including regional shows (such as craft, antique, car, tools, etc.), special events, concerts and other major events. There will be many opportunities for tournaments and events with the addition of this facility in the community.

The capital campaign steering committee will continue its efforts to raise funds to repay the loan provided by Key Bank. In addition to the current pledges outstanding of $2.5 million, the Complex is working with some other major contributors to help bridge the gap between pledges and construction costs. The "Brick Campaign" is still underway where companies or individuals can purchase bricks for as little as $50. Contributors can engrave these bricks that will become lasting reminders to the community of those who helped make this project possible. For more information on how you or your company can contribute funds to this facility, please contact Tom Gallagher, Campaign Chairperson, at 753-0571. Information is also available at the project web site: www.ccyha.com/complex.html.

Cortland Sports Complex, Inc. is a nonprofit, 501(c) 3 corporation chartered by the State of New York. Contributions to this complex are tax deductible and may be eligible for an additional 25% New York State tax credit as part of the Cortland County Empire Zone. Donations must be made before July 31, 2004 to take advantage of Empire Zone tax credits.