Woodside Sports Complex update
Along with Juneau County’s financial advisor, Carol Wirth, Juneau County Corporate Counsel updated the County Board Tuesday morning on the status of the Woodside Sports Complex bonding agreement. In March 2012, the County Board authorized the guarantee of 8-million dollars of Midwest Disaster Area Bonds to help finance the construction of the Woodside Sports Complex east of Mauston. David Lasker revisited the terms approved in the initial resolution. He said, “the bond payment would be amortized over 20-years, instead of 10 with equal payments, eliminating a balloon payment of 5.4-million at the end of 10-years. The key-man life insurance policy for the developer, Damon Zumwalt, is not available, if it is available, it would be very costly because of Zumwalt’s health issues.” “The 65-year old Zumwalt, who has a history of heart incidents, is not involved in the day to day operations of his security business, but markets his companies rigorously worldwide,” said Aaron Gadousas, Zumwalt’s financial advisor. And the 3rd issue, Wisconsin Housing and Economic Development Authority, WHEDA, will no longer guarantee 2.1-million dollars of the 8-million dollar loan as initially anticipated. Gadousas said, “I’m working to restructure the developer’s agreement to ensure the county’s exposure to liability would not be more than the 6-million originally proposed.” The Midwest Disaster Area Bonds are no longer available after the end of the year, so the Juneau County Board will vote on the revised Resolution at its November 6th, 2012 meeting or the December meeting.
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