Officials celebrate paying off Fifth Third Field with mortgage b - News, Weather, Sports, Toledo, OH

Officials celebrate paying off Fifth Third Field with mortgage burning

(Source: WTOL) (Source: WTOL)
TOLEDO, OH (WTOL) -

A major celebration happened Thursday evening at Fifth Third Field before the Toledo Mud Hens game. The ball park celebrated paying off their mortgage five years ahead of schedule with a mortgage burning party. 

When the park opened back in 2002, the plan was to retire the bonds issued for construction by 2021, but the $38 million county-owned ball park has officially been paid off

Officials from Fifth Third Bank, the Mud Hens, and Lucas County commissioners torched the mortgage. 

Paying the bonds off early will save the county more than $5 million.

“Thanks to ticket sales, merchandising, and the revenue that comes into the stadium, we were able to move our bond financing around. We did all the banker stuff you need to do to lower the interest rates, and that's how we were able to pay off the mortgage so soon,” said Lucas County Commissioner Pete Gerken.

Since the ball park opened, more than eight million fans have come out to Fifth Third Field.

Follow WTOL:  

Download our app here

Copyright 2016 WTOL. All rights reserved.

Powered by Frankly