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CONLEY COMMENTARY (WSAU) – The taxpayers of Wausau, you and me, will finance the redevelopment of a downtown office building. The city council approved $750,000 for the project earlier this week.
The current owner purchased the four-story building at 11 Scott Street for $250,000. It’s estimated fair market value is $8-million. Much of the office space inside is vacant.
The developer proposed converting the top two stories of the building into apartments. Not high-end super expensive apartments; not affordable housing. They say there’s a desparate need for in-the-middle rentals.
Well. If there’s such a shortage of mid-range rental properties in Wausau, and high occupancy rates are assured, then surely there is a bank that’s willing to finance the project. Banks are always looking for promising loan opportunities.
If I wanted to fix up my house – it needs a new front porch and a new back deck – I’d be laughed out of City Hall if I went to the city council asking for money. And my argument would be the same as the developers’, but on a smaller scale. When my home is upgraded, my property will be worth more. The city’s assessment will rise, and I’ll pay more in property taxes. “Go to a bank,” would be the city’s response as they snicker at me.
Who are the big spenders on the city council who think taxpayers should share the risk at 11 Scott Street? Carol Lukens, Michael Martens, Tom Neal, Lisa Rasmussen, Sarah Watson and Chad Henke. The newly appointed member of the council, Aaron Griner, reveals himself to be a big spender. He also voted ‘yes’. Only four council members voted ‘no’. They were Terry Kilian, Becky McElhaney, Victoria Tierney and Lou Larson. The final vote was 7-4.
For wealthy developers, the Municipal Bank of Wausau remains open.
Chris Conley
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