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Wausau updates commercial rehab loan program and moves to closed session on property sale
Summary
Staff reported eight closed commercial-rehab loans (six current, one interest-only, one delinquent) and said the program balance is about $26,000; the committee then moved into closed session under Wis. Stat. 19.85(1)(e) to negotiate the sale of 424 Burns Street.
At the Dec. 2 meeting the City of Wausau Economic Development Committee received an update on its commercial rehabilitation loan program and then voted to adjourn to closed session to deliberate the negotiated sale of a city property.
Program update: Staff reported that eight loans have closed under the commercial rehabilitation program. Of those, six borrowers are making payments as agreed, one borrower arranged interest-only payments and one account is "extremely delinquent" and under active follow-up. Staff said the program balance is about $26,000 and indicated that new lending activity will be limited until the loan fund is replenished by repayments.
Closed session motion: The committee then considered agenda item 6 — a motion under Wisconsin Statute 19.85(1)(e) to adjourn to closed session "for deliberating or negotiating the purchasing of public properties... in regard to the sale of 424 Burns Street, Wausau." Alder Neal moved to adjourn to closed session; Alder Henke seconded. The chair conducted a roll-call vote; the transcript records "Aye" votes from several alder members and the committee moved into closed session. The chair said the committee would reconvene in open session to take action only if necessary.
Sources: staff presentation and roll-call on Dec. 2, 2025 Economic Development Committee meeting.
