Committee approves reprogramming revolving loan funds to help Adaptive Communities buy 607 Washington Street

The Wausau Finance Committee approved reprogramming community development revolving loan funds into an acquisition fund to assist Adaptive Communities in purchasing 607 Washington Street (the former Presto Prince building).

Tammy Strats (city staff) told the committee that Adaptive Communities has an accepted offer on the building and is assembling financing and renovation plans to expand its services. The Citizens Advisory Committee held a public hearing last week on the request. Present in the chamber were CAC members Katie Jones and Anissa Walters and representatives of Adaptive Communities.

City staff explained that the city typically provides this support to nonprofits as a forgivable loan structured like a 15‑year mortgage: the loan is forgiven after 15 years provided the organization remains a nonprofit; if the property is sold between year 1 and year 15 forgiveness is prorated. Adaptive Communities' representative said the organization charges clients by 15‑minute units for those with long‑term care contracts and uses grants to subsidize services for those without long‑term care coverage.

Alder McLean asked how clients enter services; Adaptive Communities' representative described school-district transition processes and contracts with long-term care providers. Tammy Strats and other staff praised Adaptive Communities' grant reporting and capacity. Alder Albert Gisselman moved the motion; Alder Tierney seconded, and the motion passed on a voice vote.

The loan will be structured as a 15‑year forgivable loan against the property; staff did not provide the loan amount in the meeting record. The committee did not specify additional conditions beyond the standard forgivable-loan structure described on the record.