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Marcus Performing Arts Center urges county support as parking-structure debt, short-term repairs persist
Summary
Leaders of the Marcus Performing Arts Center told the County Finance Committee the center carries a roughly $2.7 million capital debt tied to prior garage repairs and is seeking city support for roughly $190,000 in immediate concrete and elevator work while longer-term redevelopment talks continue with the City of Milwaukee.
The Marcus Performing Arts Center told the Milwaukee County Committee on Finance and Budget on Oct. 12 that it continues to carry a roughly $2.7 million debt from earlier capital work on its adjacent parking structure and is seeking short-term help while city-led redevelopment talks proceed.
Marcus CFO Katie Dillo said the center refinanced the debt about a year and a half ago and that respondents to a city request for proposals had included the outstanding debt in their purchase prices, but that the redevelopment process is stalled. "It is bank debt. We did refinance it with MEDC, about a year and a half ago," Dillo said. "So that's significantly helped us in terms of more favorable payment terms that reduced our annual debt service."
The Marcus leaders told the committee they are…
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