LEWISTON- The city is being asked for a $1.4 million guarantee to help finalize the sale of the Colisee.
City Councilors will vote on the proposal at their March 3rd meeting. If approved, the expected closing date for the sale will be April 30th.
Mill Town Sports and Entertainment secured a $3.5 million loan from T&M Investments, but remains $1.4 million short of the $4.9 million total asking price.
The original price was over $6 million, but has been negotiated down to $4.9 million.
A view of the front entrance
The city will not be required to front any money in order to make the guarantee, and would only be required to make an expenditure in the event of a default.
Since the Colisee (and the land it is on) are valued at more than the asking price, the city would be able to recoup the amount of money it is guaranteeing in this sale.
The sale agreement includes “secured lien protections, personal guarantee provisions, operational performance benchmarks, and collateral-backed financial safeguards to ensure continued public benefit, youth athletic access, year-round programming, and protection of the City’s financial interests at the Colisée.”
A slideshow presentation in the Council meeting packet indicates plans to eventually renovate the locker rooms, add a practice rink/gym just next to the building, and to add a community turf field building in an unused section of the parking lot.
A visual provided by the Economic and Community Development Department
According to a memo from Acting Director of Economic and Community Development John Blais, the city has worked to preserve “availability of the facility for local youth hockey, high school hockey, and amateur athletic programs.”
“Operational benchmarks require the continuation and expansion of shoulder-season and year-round programming, including concerts, wrestling events, indoor soccer, and other entertainment and community events to ensure sustained utilization and economic activity,” the memo states.
Proposed location of potential community turf field building
Proposed location of practice rink/gym
Nate Bostic is the Owner, President, Governor, and Chief Executive Officer of Mill Town Sports and Entertainment. He has 16 years of junior hockey experience, including as a general manager, coach, assistant coach, and scouting director.
Bostic is also the CEO and a founder of the Boston Hockey Academy.
Mill Town owns and operates both the Lewiston MAINEiacs (of the National Collegiate Development Conference) and the Jr. MAINEiacs Hockey Academy. They signed a lease and assumed management of the Colisee last July.
Mill Town is pursuing “ambitious growth plans” for the Colisee, which include seeking “a Canadian major junior hockey franchise for Lewiston.”