Green Bay’s city council voted late Tuesday night to wait another 45 days before making another decision on the Hotel Northland project.
Green Bay Mayor Jim Schmitt asked council members to hold off on ordering a full financial audit. That’s because the hunt for financing continues for the $44 million project.
“I want to give you a comfort level, but I want you to also know I’m just as frustrated,” Schmitt said.
The Northland’s developer has been trying to secure a new senior lender after the original bank pulled its $12.8 million in support.
The original top bank for the project pulled its loan because it said the developer had several loan defaults. The developer has denied that claim.
Brigette Brietenbach is a project spokesperson.
“We believe it was due in part to some of the negative publicity, but we also believe it’s because it’s a very difficult loan for a regional bank to make for a half-built hotel”
While the search continues for a new loan, work has virtually stopped on the hotel. However, the hotel owners say they’re working with junior lenders to get subcontractors back to work as early as April 1st.
WTAQ