Marinette County denies $50m loan to Marinette Marine
MARINETTE (WLUK) – The Marinette County Board voted down a $50 million loan to Fincantieri Marinette Marine Tuesday, even though a majority of supervisors endorsed the deal.
While the vote was YES-19, NO-10 and 1 vacancy, the item needed a 3/4 vote (23 members) to pass, said county clerk Kathy Brandt.
The shipmaker wants to upgrade its facilities to modify its shipyard to be conducive to building frigate ships -- which are expected to follow the current production of littoral combat ships for the U.S. Navy. It had asked Marinette County for financial support, according to county documents.
The company did not immediately respond to FOX 11's request for a comment on the vote.