OSHKOSH (NBC 26) -- The city of Oshkosh announced Friday that it reached a settlement over the status of payments with Fox Valley Pro Basketball (FVPB).
Fox Valley Pro Basketball, Inc. is the owner of Menominee Nation Arena. It filed for Chapter 11 bankruptcy in August.
A news release from the city states FVPB was in default of the development agreement. The city refused to make a payment out of its Tax Increment Financing (TIF) District for 2019 unless the items of default were resolved. The city also said it is owed more than $20,000 for utilities, as well as public safety and other services provided to the Arena.
To allow the Arena to continue to operate, the city and FVPB have come to an agreement in which Oshkosh will make the TIF payment, less costs that are due to the City for utility and service charges, as well an amount set aside for legal costs, the City's news release said.
The city manager is quoted in the news release that the city believes the settlement is necessary to keep the Arena running and that the city is hopeful the Arena's financial issues will be resolved.
The Menominee Nation Arena is home to the Wisconsin Herd and the Wisconsin GLO.
