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03/16/2018–The Marinette County Finance Committee has forwarded to the full county board without recommendation a proposal for the county to borrow $50 million dollars and loan it to Fincanteri Marinette Marine.  The company would pay the full loan with interest and there would be no cost to county taxpayers.  The company is looking for financing for shipyard improvements if they get contracts to build four ships for the Saudi Arabian Navy and next generation frigates for the US Navy.  The loan would only be done if the company gets the Saudi contract and it would be paid back over 7 years during the lifetime of that contract.  County Board Chairman Mark Anderson says its important for the company because of the tight timelines to upgrade the shipyard if they secure the Saudi Contract.

But committee member Don Pazynski doesn’t believe the county should be the lender to a large multi-national corporation.  The County Board will meet Tuesday to get information on the proposal and discuss it.

County Administrator John Lafave says should the loan proposal makes it to a vote, three quarters of the board, or 23 supervisors would have to support the initial resolution authorizing the borrowing of the 50 million dollars in bonds.