There was a contract in place granting the naming rights of the ballpark to Provident Bank. The bank signed on to a 10-year contract, paying $2.75 million for the right to have their name on the stadium. The annual payment made to the Town of Ramapo was $137,500.
Now that the “master builder” of the project has been indicted, it appears Provident Bank (now known as Sterling National Bank) is scrambling away from any association with the failed, and now toxic, enterprise. But what about the Town’s $137.5K? How was the contract terminated? We are in the 5th year, only halfway through the life of the contract. [Read more…]