Artist rendering of the redeveloped Wausau Center Mall property. Image courtesy: Wausau Opportunity Zone.
WAUSAU, WI (WSAU) — A special tax financing district that would have helped fund the redevelopment of the Wausau Center Mall is being withdrawn.
State Senator Jerry Petroski has reportedly withdraw a proposal that was scheduled to head to the State Senate which would have allowed the city to place more assessed property in a Tax Increment Finance District.
News of the bill’s demise comes shortly after the Wausau Pilot and Review reported that most members of the Wausau City Council didn’t know that the city was seeking an exception from the legislature.
Currently only 12% of a city’s assessed property value can be included in special taxing districts. Wausau is over that limit, and will be until at least 2024 when current TIF districts expire. Wausau’s Finance Director MaryAnne Groat requested an exception for Wausau on the grounds that the the demise of the property was accelerated by the COVID-19 pandemic. Senator Petrowski said he no longer supports the proposal after learning that it was not debated or approved by the City Council.
In a statement, Petrowski said “… at this late date, I don’t see a route for the bill to become law.” It had already passed the state assembly.
The Wausau Center Mall was demolished last year. A non-profit group called the Wausau Opportunity Zone wants to redevelop the property as downtown housing and some retail and office space. The project has already received a forgivable $1 million loan from the city. The city has also applied for a $10.5 million state grant to fund a circular pedestrian bridge. The city claims the project is eligible for the funding — intended for COVID-related losses — because the mall was shut down faster than expected because of the pandemic.
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