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Court docs: Riverlife investor owes $559K in Iowa civil case

in Investigations/News

By Shereen Siewert

A judgment for $559,335 filed in Iowa against a development partner in the Wausau Riverlife Village project has been transferred to Wisconsin, according to court documents.

The decision, recorded March 20 in Iowa and transferred June 7 to Walworth County, Wis., names Michael D. Frantz and Frantz Ventures, LLC, as defendants. Spring Haven, LLC, an organization in Iowa, is listed as the creditor attempting to collect the debt, which has not yet been satisfied. Under the state’s Uniform Enforcement Of Foreign Judgments Act, a judgment from another state is generally enforceable in Wisconsin.

The filing is the latest in a series of financial struggles for the partner in Riverlife Village, even as city officials are actively seeking new partners for the highly anticipated development along the city’s east riverfront.

Days after the Iowa judgment was filed, Frantz formally introduced a new co-developer and financing partner, Rainy Investments, LLC, and publicly told council members financing was nearly finalized for the project.

But the financial stack never materialized and construction stalled when contractors began demanding payment for unpaid bills associated with the project. Four construction liens totaling more than $2.7 million were filed in May in Marathon County Circuit Court surrounding the Riverlife Village project, with additional liens possible in the coming days.

Frantz’s relationship with Spring Haven, LLC, is unclear and is not listed in online court documents.

In a separate case filed Feb. 3 in Brown County Circuit Court, a Florida company claims Frantz owes the company more than $153,000 after a check paying for design services at Green Bay’s Hotel Northland bounced in January, according to court documents. That case is still pending.

Frantz is one of two parties named in Marathon County court documents related to the Riverlife Village project. Also named is Barker Financial, LLC, which despite a series of adjustments in city agreements remains the developer of record for the project.

The new RPF, released May 25, is seeking developers interested in taking over the current Phase 1 project or proposals for developing other areas of the land. Under the terms of the current developer agreement, the city maintains ownership of the architectural renderings created by Mudrovich & Associates and would retain ownership of the land itself.

Proposals are due Aug. 3, with an initial review by a selection committee slated for Aug. 7.

 

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