APPLETON, WI (WTAQ) – The City of Appleton is considering how to proceed with the financing package for the new Fox Cities Exhibition Center.
Mayor Tim Hanna says a presentation on one option was given at this week’s finance committee meeting.
“For the Redevelopment Authority to sell revenue bonds to support construction of the facility. It’s in the $34-million dollar range.”
Hanna notes there is an alternative.
“Private placement: a group of five local banks that have put terms on the table to be able to finance the construction locally.”
Originally, ten communities agreed to commit room tax dollars to the fund the $31-million dollar effort.
Now, some mayors say they want all ten municipalities to agree on a financing package.
“The cooperation agreement does not give them the authority or the opportunity to sign off on the type of financing, but that’s basically what they want. That’s not what the agreement was. That’s not how it was laid out. But basically, they want to hold us hostage.”
Hanna notes Appleton is the one who’s name is on the bonds.
