Franklin rejects plan to repay millions borrowed for proposed baseball stadium
FRANKLIN (WITI) — The Milwaukee Business Journal is reporting Franklin is asking The Rock’s CEO, Mike Zimmerman, to commit to his $40 million retail, housing and hotel development before the city would borrow $10.5 million for a baseball stadium.
The proposed stadium would occupy a corner of the 120-acre The Rock property at 76th Street and West Rawson Avenue.
The Rock has secured the rights for a Frontier League baseball franchise, and now wants to build the stadium.
Zimmerman says the stadium is the catalyst for the $40 million project that he would develop after the stadium is built — according to the Business Journal.
Zimmerman has asked Franklin to borrow the $10.5 million for the stadium — and according to the Business Journal, has proposed a lease agreement that would generate enough money annually to pay off the city’s debt.
However, Franklin officials have rejected that plan. Instead, they say they are considering borrowing the money — and paying off the debt using property taxes generated by the $40 million development, according to the Business Journal.
This is something Zimmerman isn’t happy about.
According to the Business Journal, Zimmerman is under a tight deadline — as construction on a new stadium must begin in May in order to open in time for a 2015 baseball season.
The Business Journal says Zimmerman believes if the stadium isn’t built, the $40 million project could be in jeopardy.
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