Major Loan Gets Paid Off

In 2007, the Tribe obtained a 25-year loan for $5,920,900 from Chippewa Valley Bank to upgrade the Casino. The collateral used for the loan was the NMC land.

A year ago, the remaining balance on the loan was approximately $3,000,000. The Tribal Council was aggressively focused on paying off the loan, and over the course of the past year, paid off the remaining $3,000,000 balance.

In paying off the loan 10 years ahead of schedule, the Tribe has saved $1,179,000 in interest and Chippewa Valley bank now will release the lien on the land.

The Tribal Council will now pursue having the land placed in Trust, thereby increasing the size of the Reservation. While this process will take time, a critical step has been completed. Future updates will be provided as they become available.