By Shereen Siewert
WAUSAU — As of Friday, the Wausau Center mall remains on a list of properties to be auctioned next week by the Marathon County Sheriff.
An order for foreclosure was filed June 5, according to Marathon County Circuit Court documents. The sheriff auction, which is a public auction of property repossessed by a mortgage lender, is set for 9 a.m. July 11.
“This is the first I’ve heard of it,” Mielke told Wausau Pilot & Review in June.
But Mielke, in a Friday morning radio interview, said he had been misquoted.
“I felt I was misquoted,” Mielke said in the interview. “I wasn’t aware the day that it was happening…but that’s part of that process, I guess, in facilities like that being sold or put up for auction. We’ll see what happens.”
Mielke also said in the interview the sale would not have an impact on the Micon Theater development.
“The theater, I’ve been assured, if you want to call it that, it’s coming, it’s just taking a little bit longer than we anticipated,” Mielke said.
Mielke also pointed out that the city does not have a financial say in what happens to the mall, even though the city owns the air above and the ground beneath the property.
The foreclosure order, signed by Circuit Judge Greg Huber, states that the premises cannot be sold in parcels but will be sold at public auction under the direction of the Marathon County Sheriff at a “time and manner provided by law.” The lender is free to bid on the property at auction but is not required to do so. Other bidders could also come forward.
If the lender does not win the auction, all proceeds from the sale will be applied to the amount due the lender, according to the order. As of May 30, the total amount due was listed as $18,922,717 including principal, interest, default interest and late penalties. Additional penalties are accruing daily.
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Updated, 4:42 p.m.
While it maybe true that the city does not control what eventually happens to the mall, th city and the mall are tied together financially. Keep in mind that th city purchased the Sears property for $500,000.00 and sold it to Micron Cinema for $1.00 supposedly to save the mall from a certain demise. So you could say that we have a substantial financial interest in the future of the mall.
I also would question the mayor’s statement that the foreclosure was known. Maybe by him, but I have spoken with some of the council members and they knew nothing about the foreclosure. So much for being open and transparent.
Stan, it’s only our money. What in the h-e-double hockey sticks are you so bothered about? 😉
Pretty brilliant of Moe Mielke to declare that the city owns the ground beneath AND AIR above the mall! I wonder if he’s worried that the mall will be auctioned off and someone would erect a “suspension building”, so the city could then tax the air it occupies? What a freaking dimwit. This city might as well be led by Ray Charles (RIP). He’d probably have more foresight…..literally.
Too bad the old Sears space is becoming a theater, when nearly everyone can get new movies at home soon after they come out. Who wants to pay quadruple the price when they can have the same & better entertainment in the comfort of their own home? Theaters, just like malls are fading business of course. Who are the dimwits who decided this?
Now…..why doesn’t the city use this space as JAIL OVERFLOW? Wouldn’t have the taxpayer cost of transporting prisoners. Could even have a skywalk between the current jail and this new space. It would be convenient. But I’m sure this would make too much sense. Us taxpayers would rather pay for giving rides all over the place to these prisoners. Yeah, right. Why hasn’t someone thought of this? Make it a school, the ones who want to learn can go over there and learn something useful to better themselves so they’re not a drain on other taxpayers for the rest of their lives. What good is having these prisoners milling around doing nothing all day??? That is so ridiculous and stupid. Put them to work I say!
I am actually super stoked to have a movie theater downtown. It is not the same watching a movie at home. . . .We are lucky to have a vibrant and active downtown, and a city that invests in it.
The larger picture here is that despite the malls struggle to attract and retain retailers it remains quality indoor space and has underground parking that the area sorely lacks. New ideas need to brought forward to re-purpose some of the open space to professionals like dentists, chiropractors, walk-in’s, daycare etc. that bring foot traffic during the day. Think of how it is out here December through March and imagine not having to deal with snow to take in an appointment especially when your under the weather or older. This has been a successful formula in other areas of the country so it’s a bit surprising it’s not being explored here. Lastly, spending a fair amount of my career in brick and mortar retail, a theater patron rarely buys anything at a mall going to or leaving a movie and only serves to cannibalize the parking. If a theater was incorporated in the design of a mall it was always located in an obscure area away from its retailers not in a prime location