By Shereen Siewert
WAUSAU — City officials have received three proposals from developers interested in the Riverlife development area, but those proposals will remain under seal until at least Aug. 23, according to Economic Development Director Chris Schock.
Schock presented the information Tuesday to members of the economic development committee. Schock told committee members he is pleased with the response to the request for proposals, but the city is committed to honoring the current agreement with the existing development team.
“That includes allowing the current developer and their team to continue to work toward a loan closing in the month of August,” Schock said.
That means responses to the request for proposals (RFP) issued May 25 by city officials will only be reviewed if the current developer fails to cure the existing default before Aug. 23. More than $3.2 million in liens have been filed against Barker Financial, LLC, in court filings that also name Quantum Ventures, LLC.
If the defaults are not cured, the proposals will be opened and reviewed Aug. 29 during a meeting of the board of public works, Schock said.
Quantum’s Mike Frantz is named in three separate open civil cases in Wisconsin including a $559,335.89 judgement filed against him in Iowa that was transferred in June to Walworth County Circuit Court.
The RFP sought 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. The RFP deadline passed at 4:30 p.m. on Friday, Aug. 3.
Proposals will be scored on the basis of set criteria that includes points for the developer’s credentials, financials and track record, according to city documents. Consideration will be given to cost, level of investment, functionality and other factors. A selection committee will oversee the final selection, and the developer or team must also complete a city Tax Increment Financing application if city resources are requested.
If the proposals are opened and reviewed, a recommendation to the economic development committee could come as soon as Sept. 4.