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Supervisors question conduit financing request for downtown project; administrator to provide more details
Summary
Board members asked for more information about a request (Res. 50-25) to consent to Public Finance Authority conduit financing for BBL Kresge LLC, including project details, whether properties fall inside TID 3 and the principal's tax status; administration said a memo is in the packet and will provide maps and tax-status information.
The board received questions about a request for consent to conduit financing through the Public Finance Authority for a downtown redevelopment project by BBL Kresge LLC (Resolution 50-25).
Supervisor Gisselman asked what “renovation” entails for the historic 300 block on Third Street in Wausau and said she wanted clearer project details. Administrator Leonard said a two‑page memo from counsel and a packet summary were provided and that the city of Wausau’s mayor had indicated intent to sign authorization after city attorney review.
Supervisor Marshall asked whether the redevelopment lies within TID 3 and noted that if property is inside a TID the county would not immediately benefit from resulting property taxes. Marshall also asked whether the principal of BBL Kresge had outstanding unpaid taxes in the village of Weston; Administrator Leonard said he would check tax status and provide a map overlay showing TID boundaries.
Leonard explained the public-finance-authority conduit issuance is not a Marathon County bond, does not obligate the county to repayment and, in this case, would be a taxable bond outside the state’s tax-exempt municipal bond limits. He said Marathon County routinely signs PFA authorizations and that the PFA conduit program has statutory and IRS limits that restrict widespread use.
Supervisors requested additional information, including the detailed project description, a TID overlay map and confirmation of tax status for the principal. No vote on Res. 50-25 was recorded at the meeting.
