Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Real Estate Sale topic
No spam. Unsubscribe anytime.
Committee waives right of first refusal, clears way for sale of 725 S. 84th Ave
Summary
The Wausau Economic Development Committee voted to waive its right of first refusal and approve new deed-restriction language to allow a pending sale of 725 S. 84th Ave to proceed; the change exempts transfers to taxpaying entities that meet zoning from additional city approval but retains approval for transfers to tax-exempt entities.
The Wausau Economic Development Committee voted to waive its right of first refusal on the property at 725 South 84th Avenue and approved new deed restrictions intended to streamline transfers between private, taxpaying owners.
Development Director Randy Pfeiffer told the committee the packet included a termination and replacement deed restriction tied to a prospective buyer identified in the offer to purchase as Diverse Food Works Equipment LLC. Pfeiffer said the city has historically recorded deed restrictions on business campus parcels to protect tax-producing uses and to require city review when property transfers to tax-exempt entities might reduce the tax base.
"The new deed restriction as proposed…is: city shall approve any sale or transfer of the property or improvements on the property to a tax-exempt entity as evidenced by resolution adopted by the city authorizing such action. The city does not need to approve the sale or transfer to taxpaying entities so long as the use of the property complies with zoning ordinance," Pfeiffer said, summarizing the language in the packet.
Alder Killian said staff had answered her questions and that she would support the measure. Alder Veil moved to waive the city's right of first refusal, terminate the existing deed restrictions and approve the new deed restrictions as described; Alder Tunney seconded the motion. The committee approved the motion by voice vote.
Committee members clarified that approving the waiver and the new deed restrictions does not by itself approve the sale; a separate vote will be required for the purchase/sale transaction and any final council action. Pfeiffer noted the resolution that ultimately accompanies the sale will go to the Common Council for final consideration.
The committee’s action removes the requirement for city approval on transfers to taxpaying entities that comply with zoning while preserving council review for transfers to tax-exempt entities, a change staff said will reduce processing delays for routine private sales.
