A deal to use $2.7 million in taxpayer money to help the financially struggling owners of the Lancaster Barnstormers pay rent at Clipper Magazine Stadium is back on after being called off last week.

County commissioners signed off on the loan proposal Wednesday, and a Lancaster Baseball LLC official said the team owners are on board.

“We’re full steam ahead. ... We can get back to the business of baseball,” Lancaster Baseball co-owner Ian Ruzow told LNP. “This is a good thing for everybody.”

Related Coverage: Barnstormers $2.7M rent deal with Lancaster County falls through, but team expected to stay

The commissioners said they are offering the loan to protect taxpayers from the likelihood of an even bigger financial burden and to keep the team playing at the North Prince Street stadium.

The bigger financial burden relates to repayment of bonds issued in 2004 to finance the construction of the stadium. The rent is used to pay off those bonds, which are guaranteed by the county. So, if the team owners default on rent, the county will be responsible for paying the nearly $10 million still outstanding.

The team owners asked for the county’s help with the annual rent of about $1.1 million after suffering financial losses of more than $4 million over the past three years.

The $2.7 million loan from the county would go toward the rent payment for six years, at the rate of about $450,000 a year, with Lancaster Baseball paying the rest.

The loan is interest free until 2019, after which a 6 percent interest rate will apply. The proposal calls for the team’s owners to give buildings or similar assets as collateral.

Commissioners opinions

Commissioner Craig Lehman joined Commissioners Chairman Dennis Stuckey in supporting the agreement, saying it would protect taxpayers.

Sign up for our newsletter Success! An email has been sent with a link to confirm list signup. Error! There was an error processing your request.

Commissioner Josh Parsons, who voted against the measure, echoed comments from October when he suggested that the Lancaster County Redevelopment Authority refinance the bonds.

“I think this is a problem between the team and the redevelopment authority,” Parsons said.

Stuckey, who has led negotiations with the team owners, described the loan as a “bridge” to get the team to a point where they can perhaps take ownership of the stadium.

The team’s current lease agreement runs through 2025, when the bonds are set to be paid off.

Ruzow said it was too early to talk about taking ownership. “Those discussions are happening. ... We’re definitely willing to explore that.”

The loan burden could end up being smaller if the authority, which owns the stadium, receives funding from other sources to help with the bond repayment.

One potential funding source is the City Revitalization & Improvement Zone, or CRIZ, a state program that directs certain taxes paid by local businesses to fund economic development.

In late November, CRIZ agreed to provide $1.55 million to the authority.

Of that, $1 million will go toward a new video scoreboard, while the remaining $550,000 will go toward repayment of the bonds.

The authority is seeking recurring payments from CRIZ to help with the bond payments in the years ahead. That request is still pending.