Superior City Council Approves To Pay Off $2.5 Million Debt From Kestrel Aircraft Deal
SUPERIOR, Wis. – The City of Superior is no longer carrying the burden of more than $2 million in debt caused by the Kestrel Aircraft Company project deal.
The Superior City Council recently approved to pay off the debt a year early.
In 2012, the company had plans to build a manufacturing plant for its aircrafts, which would have brought hundreds of jobs to Superior.
The project was supported by millions of dollars in public funding including the $2.5 million loan taken out by the city.
The money was given upfront to help get the project started, but the deal later fell apart and the aircraft company defaulted on repayment.
“This was a sore spot for the community. The citizens of Superior paid for this. We gave this developer citizens money and we didn’t get anything for it. We all felt pretty burned. It’s nice to have it behind us,” said Superior Mayor Jim Paine.
Paine also says the money used to pay off this bond could have been used to pay off other debts or invest in city infrastructure.