WAUSAU, WI (WSAU) — A local development company has reportedly offered $700,000 for the vacant Sears Building in downtown Wausau.
The Wausau Pilot and Review reports that Secure Fund LLC has made the offer but has not specified how they would use the building. The offer reportedly asks for 9% tax increment funding payments on total project costs along with shared use of the adjacent parking ramp with the city. It also says that should the mall be razed in the future, the city would have to reface the shared wall between the building and the rest of the mall.
The city purchased the property two years ago for $650,000. It was thought that Micon Cinemas was going to put a multi-screen theater complex in the building but that project fell through.
The Wausau Pilot and Review says that Secure Fund LLC is a Plover company owned by Roland Lokre.
Members of Wausau’s economic development authority will reportedly discuss the matter on Tuesday at 5:15 at City Hall chambers.
