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Wausau council approves TID term sheet for 11 Scott Street redevelopment, 7–4
Summary
The council voted to approve a term sheet that would use tax increment district funding to help convert 11 Scott Street from underused office space into about 52 residential units aimed at the "missing middle." Supporters cited downtown vitality and parking-ramp revenue; opponents raised affordability and prioritization concerns.
The Wausau Common Council voted 7–4 on Oct. 28 to approve a term sheet authorizing tax-increment financing assistance for the conversion of Riverside Place at 11 Scott Street into mixed-use housing with approximately 52 residential units.
Economic development staff and the city's financial advisor briefed the council on lengthy negotiations with the developer and the project's pro forma. Ehlers, the city's financial consultant, said the assistance was sized to the developer's return on investment and reduced during negotiations from earlier, larger requests. The current term sheet calls for a $750,000 forgivable loan to support the residential conversion; the developer agreed to maintain rents at or below 70%…
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