Developer will retire most of music center’s debt

By TOM KANE

BUSHKILL, PA — People are smiling a lot at the $35 million Mountain Laurel Center for the Performing Arts these days.

A development company called Greystone Capital Partners of Philadelphia is working out a deal with the arts center, in which Greystone would retire 80 percent of Mountain Laurel’s $23 million debt in return for the ability to develop the center’s 675-acre site. Greystone would purchase the property and lease the center back to Mountain Laurel.

The danger of a foreclosure at the end of September, which was a cloud over the center, would disappear with Greystone’s investment, said Richard Bryant, a nationally recognized promoter of music centers and other performing arts ventures who was brought in as Mountain Laurel’s president and CEO last year.

Greystone is the owner of a property next to the center, the Tamiment Resort, which it plans to turn into a large residential community.

“Too many good things have happened for this deal not to go through,” Bryant said. “All the stake holders are working together to make this happen. These are the Commonwealth of Pennsylvania, Pike County, the Pike County Industrial Development Authority (IDA), Greystone Capital and the Mountain Laurel Center. This is an economic development venture for the entire area.”

Dave Wilson, executive director of the Pike County Industrial Development Authority, said, “These negotiations are a wonderful opportunity for the music center to be reborn, the debt to be reduced and the promise of the center to be fulfilled.”

Bryant expects the deal to be finalized by the end of September.

“We intend to make this a destination location where we will be incorporating a residential community, retail outlets and a restaurant—a mixed zoning idea,” said Steve Jeffries, vice president of sales for Greystone. “We want to draw people to this area who want to hear some good music and sample the flavor of the Poconos. We intend to help out with the financing to get this thing started where the Mountain Laurel left off.”

Commonwealth’s role in the solution of the project

One condition that must be addressed by the commonwealth is a provision in the original $15 million state grant, which states that the property could not be sold or subdivided. “This is part of what the state will be looking at and attempting to solve in these next few weeks,” Bryant said.

He said that the potential pact with the developer, which is in the early stages, is an innovative and well-timed solution.

The center, with its buildings—including the 2,500-seat Tom Ridge Pavilion—will be in the hands of the Mountain Laurel Corporation for 50 years, Bryant said.

“This is an excellent turn of events for us,” he said. “We’ve been laboring for the last year to invigorate and restructure the project and have made progress essentially by being able to open our first full summer season.”

Mountain Laurel opened prematurely in August of 2003 and thereby missed most of the peak tourist season that year, holding fewer than 20 events before it was forced to shut down. It was closed during 2004.

Meanwhile, the center’s current summer season has been functioning well, despite a few cancellations due to slow ticket sales or artist illnesses, Bryant said. Concerts through August 31 include Ricky Skaggs, The Del McCoury Band, Third Day and ZZ Top.

For information and ticket sales, call 570/693-4100.