APPLETON, Wis. (WFRV) — It’s a four-mile move that will cost the city of Appleton more than $76 million.
The move of US Venture’s headquarters is contingent on building a ramp in Appleton and the costs keep climbing.
Appleton Concerned Taxpayers have been keeping an eye on City Hall as the US Venture project totals have swelled.
If you add the cost for Trinity Lutheran Church, then the price tag could grow even further.
“It wasn’t cooked into the $76 million, but it is an overage on top of it and now your getting close to $100 million and that’s a lot of money for one project,” says Mike Thomas of the Appleton Concerned Taxpayer Group.
The costs have spiraled so that Mayor Timothy Hanna has sent the project back to Appleton Common Council.
“To folks out there, I would just make sure they understand this is far from a done deal. We are still working to find ways to make this feasible or to try to determine if this simply isn’t a project we can do,” says Appleton Common Council President Kyle Lobner.
Appleton Concerned Taxpayers say the bottom-line for this project is questionable.
“Our position is, it’s already increased 40 percent. Is it gonna go up further and does it really even cash flow? The original $25 million barely cash-flowed to pay off the TIF and all the rest. Now at $35 million, how are they gonna cash-flow? Where are they gonna get the money?” Thomas adds.
There will be more discussion about the US Venture project at the Oct. 2 Appleton Common Council meeting.
Local 5 reached out to US Venture and Alison Fiebig, Corporate Communications Manager provided this statement:
“We have invited Council members to come in and discuss our reasons for wanting to move our headquarters downtown Appleton. That includes offering our team members who live across Northeast Wisconsin the chance to experience the vibrancy of the city—which is on the cusp of great change—and deepening our connections with community and nonprofit partners. We’re focused on the work ahead and the future of downtown Appleton, and we’re committed to building a positive work environment for our team members and making it a positive development for our community.”