Mall redevelopment deal revealed | The Weekly Wausonian
Mall redevelopment deal revealed | The Weekly Wausonian
Wausau news for the week of Nov. 30, 2023
The Wausonian recently obtained a copy of the prospectus seeking investment for the Foundry on Third project. And the details are pretty interesting.
Investors, according to the deal, would lock their money up for 10 years, and receive a 30% per year return on investment over the course of that ten years (or at last, “up to 30%”). That would, according to the prospectus, 3X the initial investment over that 10 year period.
And all that comes with no capital gains tax after the 10-year-period, according to the prospectus. Investors may be able to start taking quarterly distributions after five years. That most likely is due to the fact that the project is in an Opportunity Zone, a program created by the Trump administration to spark development in areas that need it via tax incentives.
This is the investment T-Wall Enterprises is seeking to make up the funding gap for the Foundry on Third, the first Wausau mall redevelopment project. Costs increased dramatically and developers needed additional investment. Wausau Opportunity Fund (for profit entity formed to buy and redevelop the mall) would need to offer pretty favorable terms to attract the investment it needs, WOZ manager Chuck Ghidorzi told City Pages.
At least one investor told The Wausonian the long lock-up period plus the speculative nature of the investment make it a hard pass.
It also raises questions since WOZ leaders early on told The Wausonian that the projects wouldn’t likely have anything to do with the Opportunity Zone, yet the investment prospectus does highlight that the project is in a qualified Opportunity Zone.
Recently, The Wausonian wrote about Wausau’s budget battle, the Wausau School Board struggling to figure out what’s next after killing a planned school merger, and we gave you an inside look at the new Wausau Children’s Imaginarium.
Not to mention, what happened to the woman who filed a complaint against the Everest Metro Police Chief.
What else in Wausau?
Tax hike: The City Council last week approved the city’s 2024 budget which includes a 26 cent mill rate increase (a $52 per year increase for an owner of a $200,000 home). The meeting also included fights over the city’s water utility pilot payment to the city and skyrocketing water bills, and a fight over the idea of a city administrator. The linked story has all the details.
CVB increase: The city’s Finance Committee and Room Tax Commission approved a two-year contract with the Central Wisconsin Convention and Visitors Bureau that includes a 2.5% increase. The city in 2019 ended its contract with the CVB following a dispute over Expedia money the CVB kept that it should have given to the city, and because of a general lack of transparency. The CVB hired a new director and installed a new board, leading to tentative one-year contracts with the new CVB. Finance Chair Lisa Rasmussen says she and others have been pleased with the new version of the CVB.
Meth bust: Police arrested 38-year-old Jonathan Rodriguez on Nov. 26 on charges of dealing meth after arresting him in a downtown restaurant. Police seized 300 grams of meth valued at $10,000. Wausau police Lt. Jacob Chittum told The Wausonian that they had information Rodriguez had a large quantity of meth prior to making contact with him at the restaurant. Rodriguez is currently being held in Marathon County Jail on a $5,000 cash bond.
Around the metro
Hunting incident: A deer hunter in Adams County shot a woman walking her dog during opening weekend of deer hunting. The man supposedly mistook her dog for a deer, and ended up shooting the woman in the stomach area. She was flown by emergency medical helicopter to a hospital to be treated. The man was a family friend, the woman told NBC, and she would not be pressing charges.
Entertainment
Friday, Dec. 1: There are two events that conflict with each other this year, but perhaps appeal to different folks. For the family crowd, the annual Holiday Parade is a good bet — it starts at 6:30 pm and makes its way from Marathon Park to the 400 Block. Plus there is a warming party from 5-8 pm with cookies and Mrs. Santa Clause in the first level of Washington Square. And of course, the annual lighting of the city Christmas tree by Mayor Katie Rosenberg. Check out the event page for more.
Friday, Dec. 1: For the hipper set, Lamplight Sessions will feature Sunny War, an artist who has been blowing up lately. Her music catches your attention and makes you sit up and notice. And many have, as the Nashville-based singer-songwriter has made her way to Central Wisconsin many times, and has played NPR’s Tiny Desk concert series. Joining her will be Chastity Brown, the daughter of a blues musician whose bluesy-rock style should pair perfectly with Sunny War. 7 pm. $34. Check out the event page for more. The event is officially sold out, but if you really want to go, word on the street is they keep some extra tickets around. But you didn’t hear it from me!
Sat.-Sun., Dec. 2-3: Willow Springs has really been stepping up the events lately. This latest one should be a great time for the kids. The Old-Fashioned Christmas Special runs 10 am-8 pm Saturday and 9:30 am to 1 pm Sunday and features crafts, wagon rides, coloring contests, food, and much more. Check out the event page for more information.
Looking for kids/family events? Check out the family-oriented listing from The Wausonian’s partner Wausau Mama, who puts together a weekly listing of children/family activities.
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Business
Patty’s Music revamp: Patty’s music first opened for business in 1987. But the store had only been open periodically in recent years as Patty suffered from health problems, and after her passing her sons kept it open when possible around their full-time jobs. But now Ginne Mootz has bought it, and plans to make it a viable business again.
Tattoo place opening in Fat Joe’s Pizzeria: It looks like a new tattoo place will be moving into the former Fat Joe’s Pizzeria restaurant on Grand Avenue, which once upon a time was a Pizza Hut. Work trucks have been seen outside the building and a sign on the building’s front says future home of a tattoo business. Fat Joe’s announced in August that it closed.
Sports
Boys hockey: Wausau West scored with 42 seconds left in the third period to ring up an insurance goal in a 3-1 win over Wisconsin Rapids Tuesday. That gives the Warriors its first win of the season in the first game of the Wisconsin Valley Conference season. See the entire game below:
Girls Hockey: The Central Wisconsin Storm defeated Eau Claire North 4-0 Nov. 24, and defeated Hayward Coop 4-1 Nov. 25 as part of the Gobbler Cup. The team is now 2-0 to start the season off. They’ll host the Metro Lynx on Saturday.
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