Artist rendering of the redeveloped Wausau Center Mall property. Image courtesy: Wausau Opportunity Zone.
WAUSAU, WI (WSAU) – The President of the Wausau City Council, and most other council members, were unaware of a special tax increment financing district proposed for the former Wausau Center Mall property. The proposed TID has not been debated or voted on by the Council.
Council president Becky McElhaney told the Wausau Pilot and Review, “There is not a TID 13, nor have we discussed or voted on a new TID creation in council.”
But the Pilot and Review reports that Wausau Finance Director Maryanne Groat approached state lawmakers in December for an exception that would allow a new TID district in Wausau. The bill, sponsored by Reps John Spiros and Pat Snyder, was approved in the state assembly last week. State Senator Jerry Petrowski is sponsoring the bill in the senate, which has yet to vote on the measure.
Under current state law, the value of land tax increment financing districts cannot exceed 12-percent of a city’s equalized value. The proposed bill would create an exception for Wausau, allowing the mall property to be placed in a 13th TID. The city argues that it will be back below the 12-percent threshold once other TID districts expire. The city claims without the exception, the redevelopment of the mall property would be delayed. These districts won’t close until 2024 and 2025.
The city is requesting the exception to state law, claiming that the mall closed down earlier than expected because of COVID-related shutdowns.
The city has also applied for a $10.5-million state grant to build a pedestrian walkway as part of the mall redevelopment. Those grant dollars were intended for housing, daycare, transportation, and health care impacted by COVID.
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