Lawyer: Money from taxpayers for Menomonee Falls Radisson will be paid back
The Radisson Hotel at Main Street and Highway 41/45 in Menomonee Falls began full operation on May 11, 2011. Image by Journal Sentinel files
MENOMONEE FALLS - Village officials in Menomonee Falls have gotten a financial update on the status of a hotel that's defaulted on a loan from taxpayers, of more than $17 million dollars, that the hotel has defaulted.
The village loaned the money to an investment group that is behind the new and highly visible Radisson hotel off U.S. 41/45.
Several loan payments have been missed, and village officials have just gotten an update on where the money is right now.
A lawyer handling the case for the village says the money will be paid back and it can happen in a few ways - by the borrower, through the sale of the property, and through taxes on the property.
The hitch is that the village is not financially liable to subcontractors who are still waiting to be paid.
The man running the hotel finances now is now saying that bookings are increasing the Radisson's financial viability.