June 24, 2008
Lewiston likely to sell Colisee for $1M
Lewiston City Council will vote tonight on an agreement to sell the Androscoggin Bank Colisee to a Veazie-based company for $1 million, to be paid back without interest over 15 years beginning in 2013.
Firland Management, which operates ice facilities in several states but does not own any, will take over the Colisee at the end of June but has until April 2009 to decide whether to purchase the property, according to City Administrator Jim Bennett. The Colisee has been draining the city of about $500,000 a year since the city took it over in 2004. The city will absorb $6.4 million in debt, Bennett said.
Firland, which is owned by Jim Cain, also plans to add a smaller, $3 million ice arena next to the Colisee, which the city says it will guarantee and possibly help finance with loans, according to a purchase agreement. The city also promised to give Firland up to $200,000 in loans the first year at 3% interest, but stipulated that Cain must run the center as an ice facility for 15 years.
Firland Management, which operates ice facilities in several states but does not own any, will take over the Colisee at the end of June but has until April 2009 to decide whether to purchase the property, according to City Administrator Jim Bennett. The Colisee has been draining the city of about $500,000 a year since the city took it over in 2004. The city will absorb $6.4 million in debt, Bennett said.
Firland, which is owned by Jim Cain, also plans to add a smaller, $3 million ice arena next to the Colisee, which the city says it will guarantee and possibly help finance with loans, according to a purchase agreement. The city also promised to give Firland up to $200,000 in loans the first year at 3% interest, but stipulated that Cain must run the center as an ice facility for 15 years.
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