Madison’s Finance Committee on Monday unanimously approved plans to restructure ownership of two city ice arenas and forgive $1.6 million in debt owed to the city, according to the Wisconsin State Journal. The nonprofit owner of the Madison Ice Arena and Hartmeyer Ice Arena has struggled financially and ceased payments on its city debt.
Under the newly approved plans, operations of the Hartmeyer site would transfer from Madison Ice Inc. to the recently established East Madison Ice Collective. The deal is contingent on the collective generating $3 million over the next three years for capital improvements to the site.
If the fundraising goals are hit, each nonprofit will gain outright ownership of the arenas and land they occupy. The deal is intended to keep the arenas open and the city from having to close or operate them as it contends with tight budgets.
