Wausau City Hall. MWC photo by Mike Leischner
It’ll be a busy night at Wausau City Hall with the city’s finance and economic development committee holding a joint meeting to go over the proposed development agreement with SC Swiderski for a multi-family housing unit at Wausau’s Riverlife area.
SCS was awarded the property in the summer of 2022 over a proposal from a Milwaukee-based company. The initial terms of the agreement called for them to take over the land this fall and begin construction in time for the first residents to move in by July 2026.
The development agreement is the last step to locking in that timeline. According to materials included with Tuesday’s agenda packet, the developers are looking for $9.2 million in tax increment financing, which represents about 18% of the $51 million price tag for the project.
That money would be paid out over nearly 20 years. A higher percentage would be paid out in the first five years to help with initial costs, the amount would drop off from years six through 16.
Later in the night, the full council will take up a proposal to use room tax dollars to help support a fireworks show this 4th of July at the downtown airport. The effort would involve a financial commitment from Festival Foods along with Weston, Rothschild, Schofield, and Rib Mountain. Each municipality would have two designated viewing areas with local food trucks and other activities ahead of the official launch.
The other four municipalities have already given their approval for the idea. The City’s finance committee also signed off on the proposal. Should the full council agree as well, more details on the event will be released at a later date.
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