LEWISTON — Two weeks after initially supporting the sale of The Colisée to Milltown Sports and Entertainment LLC, councilors were all but ready Tuesday to vote down an agreement that could make the sale happen.

The city is being asked to back a $1.4 million promise by the buyer toward the $4.9 million sale of the 190 Birch St. property. Milltown Sports secured a $3.5 million loan with the remaining $1.4 million to be paid over time to current owner Darryl Antonacci.

Milltown Sports owner Nate Bostic asked the city to back his promise of repaying the $1.4 million. The city would be responsible for paying the $1.4 million if Bostic fails to make the payments.

On March 3, councilors supported the sale in a 4-3 vote with the requirement that the language of the financial guarantee agreement come back before the council. 

On Tuesday the council voted to table the matter until a later meeting date. The vote was 5-2 with Council President David Chittim of Ward 6 and Ward 3 Councilor Scott Harriman dissenting.

Economic and Development interim Director John Blais explained that the guarantee is considered essential to finalize the sale. The deal carries with it the ability to put a lien on the property, as well as personal guarantees from Milltown Sports ownership and requirements to keep The Colisée operational.

Commitments from Milltown Sports include continued access for youth and high school hockey and for expanded year-round programming such as concerts, soccer and boxing. 

Concerns about financial risk and a lack of details, which were raised by councilors at their last meeting, deepened Tuesday as additional information — submitted at the last hour, councilors noted — appeared to “have holes.”

Ward 1 Councilor Joshua Nagine expressed concerns about the financing, a pending appraisal, the property’s value, and potential use of economic development funds should Milltown Sports fail.

Though confident Milltown Sports could see success in providing much needed and desired programming, Nagine said it was troubling to learn the organization plans to run at a deficit for some time. Among many issues, Nagine said, it means the city will still need to be involved in promoting The Colisée. 

“For me personally, I am unable to move forward without understanding what the value of the property actually is and also how we reclaim our investment should the proposal fail,” Nagine said.

Chittim said additional materials provided by Milltown Sports presented too many questions that likely cannot be answered. Among his questions were how Milltown Sports plans on paying the $92,000 monthly interest on a short-term loan it plans to use for the purchase. 

“I’m opposed to tabling this tonight and I will tell you honestly I am prepared to vote against this because I do not think this is a wise decision for the city to make,” Chittim said. “I don’t have enough information and the information I do have has enough holes in it to raise red flags for me.”

Ward 4 Councilor Michael Roy said that after speaking with an unnamed influential investor in the Lewiston area he was in support of the city approving the guarantee because the project has high potential for the city.

To bring in the hockey leagues Milltown Sports is aiming for, it requires an arena like The Colisée, and to let the building sit means running the risk of the city needing to intervene with the property’s care, Roy said.

“And we don’t have the money to do that,” Roy said. “We don’t have a whole lot of things we can build and this is something that can be built. … Again, I don’t want to be foolish with anybody’s money, but I believe from what I’ve heard from a trusted source, that there is very good potential for this to be very big. And I trust that.”