WAUSAU (WAOW)– A group of Wausau non-profit organizations has successfully bid to buy the Wausau Center Mall from Rialto Capital Management.
The Dwight and Linda Davis Foundation as well as the Judd S. Alexander Foundation are two of the foundations that are part of the group.
The group is named Wausau Opportunity Zone Fund LLC or WOZ. They say their long term goal is to use the mall to support the quality of life and long-term economic benefit of the tax payers in the city.
The group has said they will pay three million dollars for the mall and have two million dollars already. They asked the city for a forgivable loan of one million dollars.
A joint session of the finance and economic development committees for the city approved that plan.
“I think it’s important for folks to know that the city will be in the primary position as the lender. So, we’ll have a first position on the mortgage of the mall with our one million dollar loan and we will forgive portions of that loan only based on an approved plan,” said Chris Shock the Planning Community and Economic Development Director for the city.
The group that came forward wants to have time to make a specific plan. This measure will go before a full vote of the city council either later this month or early in October.