The Wausau Economic Development Committee on Jan. 6 approved a development agreement with 11 Scott Street LLC for the Waterside Place redevelopment, sending the package on toward city council once a related parking agreement is finalized.

The agreement formalizes terms previously approved in a council term sheet and converts those terms into a legal document, city staff said. Staff told the committee the parking agreement is an important exhibit that remains under negotiation and will be taken to council together with the development agreement.

Alder Neal, who moved approval, framed the project as meeting a local housing goal. "We're meeting a middle income housing need in the city, which is one of our strategic goals," Neal said during the motion explanation. He added the project would increase property value downtown and provide revenue to help maintain the parking garage.

City staff described the development agreement as substantially consistent with earlier negotiations and said no major changes remained beyond the parking exhibit. A second followed and the committee voted to approve the agreement; two members were recorded as opposed.

The motion passed with three ayes and two no votes; Alder Killian and Alder Tierney were recorded as opposed.

Next steps: staff said the final parking agreement will be completed and the full packet (development agreement plus parking exhibit) will be transmitted together to the full City Council for final approval.