The Oshkosh Common Council plans to go behind closed doors Tuesday evening to consider another request to amend the city’s development agreement for the Menominee Nation Arena.
If approved this would be the third change to the original deal, which provided for taxpayer assistance to fund the redevelopment of the old Buckstaff factory on South Main Street.
One change increased the amount of tax support due to unexpected construction challenges. The most recent amendment, approved in December, was a wording change that was described as a way to help the developer, Fox Valley Pro Basketball Inc., obtain a long-term loan on the project.
Apparently this latest change is also part of the refinancing process, but few details have been made publicly available.
The arena has been financed primarily by the majority owner of Fox Valley Pro Basketball, local investment manager Greg Pierce. Pierce did not respond to a request for comment
City Manager Mark Rohloff said he could not provide much information in advance of the council meeting.
Pierce is “working on financing options, and our agreement did not anticipate them” because the original plan did not include any borrowing. “We wrote the agreement that way,” Rohloff said. “Any change requires an amendment now.”
News of the plan to amend the agreement comes as the Wisconsin Herd basketball team, the primary user of the arena, wraps up its initial season. The team was warmly received by fans even as the quality of play deteriorated.
The team lost its last five home games and ended its season with 21 wins and 29 losses.
Photo: The Menominee Nation Arena on March 23, the night of the Wisconsin Herd’s last game of the 2017-18 season.