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Lewiston council approves $250,000 loan to Milltown Sports for Coliseum amid divided debate
Summary
After extended questioning about collateral, underwriting and public benefit, the Lewiston City Council voted 5–2 to approve a $250,000, 14‑year 0% loan to Milltown Sports and Entertainment LLC to support its planned acquisition and operation of the city’s Coliseum.
The Lewiston City Council voted 5–2 to approve a $250,000 loan to Milltown Sports and Entertainment LLC to support the company’s planned purchase and operation of the city’s Coliseum.
Interim Director Blaise presented the financing package as gap financing intended to preserve community uses at the Coliseum and to limit the city’s exposure. “This is the down payment, essentially. This is part of the closing,” Director Blaise said, describing a 14‑year, 0% loan to be funded from the city’s economic reserve and supplemented by private and seller financing.
Councilors pressed staff on the loan’s security and underwriting. Councilor Nagy asked whether inspections could trigger acceleration of repayment and sought clarity on the…
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