Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
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% of area median income for seven years as part of the agreement.
Supporters — including downtown business leaders and civic organizations — said the project would reactivate a long-vacant building, increase downtown residential density, and return parking stalls under city control with a projected annual revenue stream from on-site parking. Council supporters said reassessment of the property once renovated would restore tax base and help stabilize future mill rates.
Opponents questioned whether the city should subsidize private downtown redevelopment while many residents face affordability pressures. Several aldermen and public commenters said they wanted more focus on lower-cost housing and concern about the city prioritizing TID incentives for private developers.
The council considered staff analysis showing the property assessment had declined significantly while vacant and that the parking-ramp obligation left maintenance liabilities on the city. The negotiated term sheet reduces the city's contractual obligation for stalls from 480 to 150 and would return revenue from the remaining stalls to the city, estimated at roughly $55,000 annually.
Actions and protections in the term sheet include a cost look-back: if actual construction costs come in below the pro forma estimate, the public assistance amount is reduced. The city attorney's office and financial advisors worked with the developer to add taxpayer protections and conditions for loan forgiveness tied to project completion and to limit future challenges to the finished assessment.
Speakers and roles: Patrick Gatterman, Economic Development Manager (city staff); Keith Dahl, Ehlers (financial advisor); Raleigh Lockrey, developer; Jim Rosenberg, community leader; Dave Ekman, Greater Wausau Chamber of Commerce.
Vote: Motion to approve the 11 Scott Street term sheet passed 7–4. The council directed staff to proceed to a development agreement consistent with the approved term sheet.
Provenance: Council packet includes the negotiated term sheet and a staff memo; public commenters and elected officials discussed TID capacity, parking revenues, and the need for middle-market housing.
