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.
When The Journal News attempted to find out what the new name-holder would be paying, they simply explained, “Terms of the deal with the new sponsor were not available Monday.”
Is this just more collateral damage from the corruption roundup at Town Hall and the RLDC? The arrangements have been made and the new name on the stadium will be Palisades Credit Union Park. The Boulders’ President Ken Lehner “is thrilled,” according to the paper, and Palisade’s President Tony Molina called the partnership “a perfect fit,” but no one is explaining what happens to the Town’s payments? Are they reduced, eliminated, the same? Any guesses? Read The Journal News story here.