council vote on Hotel Northland debt forgiveness
Summary
Green Bay’s City Council agreed to erase $1 million in Hotel Northland debt as part of a sale, meaning the city is taking a financial hit to help the historic downtown hotel change hands. It’s a test of how far the city will go to keep the property viable.
At a glance
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Impact analysis
The city loses out on up to $1 million it was owed, trading immediate cash for a better shot at keeping the hotel and downtown block stable.
The hotel’s owners or buyer get a cleaner balance sheet, and downtown backers hope the deal keeps the historic property open and active.
Green Bay taxpayers could end up covering the forgone $1 million, especially if the sale doesn’t deliver the promised stability.
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