OSHKOSH, Wis–The builder of the Oshkosh Arena files a notice of foreclosure on the building. Bayland Buildings filed the foreclosure of mortgage notice in Winnebago County Court on Tuesday against Fox Valley Pro Basketball, its president Greg Pierce, and Two Willows L-L-C–which previously provided capital to F-V-P-B in exchange for its future tax incremental financing payments from the city.
According to the filing, Fox Valley Pro Basketball has not made a mortgage payment in several months, and still owes Bayland $12-million. The estimated cost to build the arena was $13-million.
Yesterday, WHBY News reported that Fox Valley Pro Basketball had not paid any of its property tax payments to the city this year, and owes more than $477,000 . Bayland has filed a motion to place the arena into receivership. No court dates have been set yet.
