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Council approves $750,000 term sheet for 11 Scott Street conversion to residential units
Summary
The Common Council approved a term sheet for Riverside Place (11 Scott Street) allowing a developer-supported conversion of two floors to 52 residential units, with a $750,000 TIF-backed forgivable loan, seven-year affordability covenants and changes to the city's parking obligations.
The Wausau Common Council voted 7-4 on Oct. 28 to approve a term sheet for redevelopment of Riverside Place at 11 Scott Street, authorizing city staff to move toward a development agreement that would support conversion of office floors to 52 multifamily units.
City economic development staff and the city's financial advisor presented the term sheet as the result of multi-year negotiations. The package calls for a forgivable loan of $750,000 from Tax Increment District (TID) funds, a cost look-back that reduces public assistance if construction costs come in below estimates, and an affordability commitment that the developer will keep rents…
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