FRIDAY 9/27/19 4:05 p.m.
OSHKOSH, Wis. (WFRV) — The City of Oshkosh says they have reached a partial settlement with Fox Valley Pro Basketball (FVPB) regarding upcoming due payments.
This settlement will occur under a development agreement between the City and FVPB.
According to officials, the City had previously notified FVPB that it was “in default of the development agreement and that the City would not make the payment out of its Tax Increment Financing District for 209 unless the items of default were cured.”
FVPB reportedly owes over $20,000 for utilities, public safety, and other services provided to the Arena.
Oshkosh officials have filed a motion asking the Federal Bankruptcy Court to make a determination regarding this agreement.
To allow the Menominee Nation Arena to continue operating, city officials say they have entered into a settlement agreement proposed by FVPB providing that the City would make the TIF payment for 2019 lower costs that are due to the City for utility and service charges, as well as an amount to be set aside in an escrow account for the City’s legal costs in relation to the defaults by the developers.
Oshkosh City Manager Mark Rohloff says, “We believe this settlement is necessary for the continued operation of the Menominee Nation Arena and to support the upcoming Wisconsin Herd season. The City is hopeful that the Arena’s financial issues will be resolved, and we will continue to work to facilitate the successful operation of the Arena. The city of Oshkosh recognizes the positive impact the Wisconsin Herd and other events held at the Menominee Nation Arena have on the Oshkosh community, and we believe this settlement will allow us to continue our plans for the Sawdust District.”
For more on the Sawdust District, click here.
Money lent to Menominee Nation Arena owner to “meet cash flow needs”
FRIDAY 8/23/19 3:31 p.m.
OSHKOSH, Wis. (WFRV) — Proceedings continue regarding Fox Valley Pro Basketball filing for bankruptcy.
According to the company, they “filed Chapter 11 in order to restructure its debts to ensure all creditors can be treated fairly and be properly paid.”
After appearing in court again today, FVPB says business continues operating under court protection.
FVPB says they were “close to securing full financing to satisfy the claims of all creditors, when Bayland Buildings, Inc. filed a lawsuit” earlier this month.
The company’s legal team says they believe FVPB will be able to exit Chapter 11 quickly with “the principal amounts due to all creditors to be paid in full.”
Windward Wealth Strategies, Inc. has reportedly agreed to lend up to 200,000 to allow FVPB to “meet its cash flow needs during the Chapter 11 proceedings.”
Court records show FVPB intends to fulfill “Pre-Petition Wages.”
FVPB is scheduled to have a final hearing on the financing agreement on September 16.
Original: Fox Valley Pro Basketball files for bankruptcy
MONDAY 8/19/19 3:29 p.m.
OSHKOSH, Wis. (WFRV) — The Fox Valley Pro Basketball, Inc. has voluntarily filed for Chapter 11 bankruptcy.
FVPB, the franchisee for the Wisconsin Herd and the Wisconsin Glow, filed for bankruptcy following a hearing for the Menominee Nation Arena took place Monday afternoon.
Wisconsin Herd President Steve Brandes told Local 5:
“We remain committed today, and in the foreseeable future, to working with Bayland Buildings to operate Menominee Nation Arena and will continue to make it the best venue in the G League. We care deeply about the city of Oshkosh, the entire Fox Valley, and our incredibly supportive Herd fans, and are excited to build on the roots we established in this area as operator of the Menominee Nation Arena. We are proud to be part of the community, excited for the upcoming season, and dedicated to continuing the success of G League basketball in Oshkosh.”
This comes after two lawsuits were filed in Winnebago County Court claiming the owners of the Arena were not making payments to investors and the company that built the arena.
For more on these lawsuits, click here: Oshkosh arena facing financial troubles.
Local 5 will continue to update this story as more information becomes available.