November 30, 2017
By David Nordby
The Brillion News
BRILLION – Integrated Public Resources LLC (IPR) will likely be the financer behind the new Brillion City Hall project, according to Redevelopment Authority Commission (RDA) Chairperson Beth Wenzel. IPR will sign a contract to lease the building to the city.
“That’s what we’re probably going to go with if we can get all of the terms to be favorable for everybody,” Wenzel said during Monday night’s city council meeting.
IPR is a Public Private Partnership (P3) firm that is operated by McMahon Group. The RDA believes the IPR financing option is more feasible than financing the project themselves while they also purchase the former site of the Brillion Iron Works. The RDA has entered a Memorandum of Understanding with Ariens Company to purchase and develop the former foundry. The third financing option proposed is the city owning it, which is not viable due to the city’s current financial situation.
“The RDA will still have the ability to borrow when it comes to the Iron Works project,” Wenzel said. “If IPR owns [city hall] then it’s private property and it will be added to the tax roll.”
The city hall will not count against the city’s borrowing limit.
Mayor Gary Dieter said he believes the IPR financing option is a good one. “We won’t have anything to worry about on this,” he said.
Please see the complete story in the November 30, 2017 edition of The Brillion News.