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Lewiston council pauses decision on $1.4M guarantee for Colisée sale after heavy scrutiny
Summary
A privately led bid to buy Lewiston’s Colisée for $4.9 million and close with a $3.5M private loan plus a $1.4M seller note prompted a multi‑hour council debate about underwriting, appraisals, city recourse and public risk; after extensive public comment and questions, the council voted to table the guarantee request and asked staff for further materials and legal review.
Mill Town Sports representatives laid out a privately financed plan to acquire the Colisée and asked the City of Lewiston to provide a conditional guarantee to back a seller‑held $1.4 million note so the sale could close. The request touched off one of the night’s most protracted and detailed exchanges.
Nate Bostic, Mill Town Sports president, described a purchase price of $4.9 million, a $3.5 million bridge loan from TNM Investments and a 0% seller note held by the current owner for $1.4 million to be repaid over 10 years. He said Mill Town Sports and the current owner have already invested about $3.9…
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