More news. Less fluff. All local.

Riverlife Village construction liens now top $3 million

in News

By Shereen Siewert

WAUSAU — A third construction lien has been filed against the developer of Riverlife Village in Wausau, bringing the total amount owed to $3,091,286.50.

The lien was filed Monday in Marathon County Circuit Court by Foundation Service Corporation, a specialty contractor with a home office in Hudson, Iowa. FSC is seeking $294,133.53 from Quantum Ventures, LLC, and/or Barker Financial, LLC, according to court filings. This is the latest in a series of financial snags for the project, which has been mired in controversy for months.

Attempts to reach FSC for comment were not successful on Monday.

The Samuels Group, the prime contractor for the multi-million dollar redevelopment, filed liens in May totaling $2,797,153.10 in connection with the same project. Additional liens are expected in the coming days.

The city has so far funded $372,462 toward the project as part of a pre-development loan, according to Finance Director Maryanne Groat. The bulk of that number, $290,078.50, was paid to Mudrovich Architects of Wausau for design and engineering costs, Groat said. The remainder was split between Baker Tilly and Ayers & Associates.

The city has a “personal guarantee” for that amount from Mike Frantz and his wife and has not paid out any additional funds, according to City Attorney Anne Jacobson.

The first phase of the Riverlife project, a multi-phase development of a roughly 16-acre parcel along the river’s edge, includes incentives of about $2.74 million in grants and loans to support the developer and $2.27 million in infrastructure costs.

On May 25, city officials issued a new request for proposals 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. But if a new contractor is chosen, those liens will likely need to be satisfied before any new construction can begin.

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

Latest from News

Go to Top
%d bloggers like this: