03/27/2018–A three-quarters approval, or 23 yes votes were needed on the Marinette County Board to approve an initial resolution for borrowing $50 million dollars to be loaned to Fincanteri Marinette Marine for shipyard improvements. But only 19 supervisors voted for the resolution, with 10 dissenting, and the proposal failed at Tuesday’s Board meeting.
Supervisors voting no were: Banaszak, Broderick, Engel, Holley, Keller, Mans, Meintz, Pazynski, Sauld, and Sauve.
The company was looking for local financial support as they prepare to bid on new contracts, first for four ships for the Saudi Navy, and later for a new Navy Frigate that will replace the LCS design that the shipyard has been building. The company and county officials had come up with the proposal to loan the company $50 million dollars, all of which would be paid back with interest over 7 years. The loan would only be made if the company received the Saudi contract.
County Board Chair Mark Anderson, who was a major proponent of the loan, and economic development in general says he’s ready to see if there is something else that can be done to help Fincanteri.
County Administrator John LaFebre says Economic Development needs to remain a priority for the County.
LaFebre says Housing and a shortage of workers are just a couple of the community development needs that need to be addressed.