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UPDATE: U.S. Venture ‘considering other communities’ after Appleton’s offer

Local News
THURSDAY 12/19/19 3:20 p.m.

(WFRV) – Thursday afternoon, the city of Appleton received the response they were asking for from U.S. Venture, but not the one they were waiting for.

Thursday morning, the city released a statement saying they were still waiting to hear back from U.S. Venture after offering $40 million to the company back in November for a downtown Appleton headquarters relocation.

The problem is, according to U.S. Venture, that was not the original offer.

In the response from U.S. Venture, the company says the offer of $40 million from the city is generous but does not lineup with what was proposed two months previous as the Mayor’s statement Thursday morning seems to imply.

The company says the November offer significantly shifts project risks—such as the construction costs and any cost overruns of the public parking ramp, and relocation of the Mosaic Family Health clinic—and places additional restrictions and responsibilities on U.S. Venture, without an increase to the TIF incentive of $8 million.

U.S. Venture recently purchased the former Fox Banquets/Rivertyme Catering and Trinity Lutheran Church properties, and immediately informed the city.

“We recognize the complexities of a public/private partnership of this scale, and while we’re challenged by the pace at which this project has moved forward, we believe purchasing this land will open the door for more conversations with the city and others about redevelopment on the bluff,” said U.S. Venture in a statement.

And though the company has purchased bluff-site property, they are keeping their options open, “Because of the new restrictions and changes to the development agreement that the city has proposed, we have begun exploring other options, including in other communities.”

Two years have passed since Appleton’s Common Council approved the development agreement between the city and U.S. Venture.

For the Mayor’s statement Thursday morning, read the original story below.

ORIGINAL STORY: Appleton awaiting response from U.S. Venture, offers $40M in payments and incentives

THURSDAY 12/19/19 8:55 a.m.

APPLETON, Wis. (WFRV) — The City of Appleton says they are awaiting a response from U.S. Venture on the City’s offer of payments and incentives for the company to build a $57 million headquarters in the downtown area.

“We’re excited to make this offer to assist U.S. Venture in relocating to Appleton and be a transformational project for our downtown,” says Mayor Tim Hanna in a Thursday morning statement. “Our staff and U.S. Venture have worked hard to make this economically feasible for both sides and we are confident this offer does that.”

READ: Appleton Common Council to Move Forward with U.S. Venture Agreement

The City’s offer of $40 million was presented to U.S. Venture in November and does not include using property tax dollars.

In September, WFRV Local 5 brought you a story on how the move of U.S. Venture’s headquarters is contingent on building a ramp in Appleton, causing the costs to keep rising.

For more on that story, click here.

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