By Shereen Siewert
WAUSAU — The registered agent for Quantum Ventures in Wisconsin has resigned, five days after Quantum’s principal officer assured a local media outlet financing is on track for the Riverlife Villages Phase I development and declared a plan to add a fourth floor to the apartment complex portion of the project.
The former agent, the Milwaukee law office of Hall, Render, Killian, Heath & Lyman, P.C., registered as Quantum Ventures’ agent on Jan. 21, the same day Quantum officially became a Limited Liability Company, or LLC, in Wisconsin. Quantum is registered as a foreign LLC in Wisconsin because the organization’s principals are located in another state.
Wisconsin law requires LLCs to continuously maintain in this state a registered office and registered agent, but so far, no new agent has been named since Hall, Render, Killian, Heath & Lyman resigned effective Aug. 13, according to Wisconsin Department of Financial Institutions records. No reason for the resignation has been given, and attempts to reach the law firm were not successful Thursday.
The registered agent is the person, who must be a resident in Wisconsin, designated by the corporation to receive official communications on its behalf, such as service of process, annual report forms and tax forms. It may be an officer or employee of the corporation, or someone not directly involved, such as an attorney. Significant consequences can arise for failure to receive and act on important papers sent to the corporation’s registered agent. The physical address of the corporation’s registered agent’s business office is the corporation’s “registered office.”
Construction has been stalled on the Riverlife Village project since March and the developers have been in default of their agreement with the city since May, when several liens were filed against the project. City officials say they are unable to move forward with terminating an agreement with Quantum or with Barker Financial, the developer of record, until all cure periods for the more than $3 million in construction liens has ended. The first deadline passed this week for the two largest liens filed.
As recently as last week, Mike Frantz, who represents Quantum Ventures, not only assured a Wausau Daily Herald reporter that financial commitments were in place, but also said he plans to amend the original plan to add additional space to the apartment complex and bring the total number of rentals to 70.
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. Officials have not said whether the proposals received were for the Riverlife Villages project currently underway or for adjacent properties, both of which were part of the request for proposals issued in May.
More than $3.2 million in liens have been filed against Barker Financial, LLC, in court filings that also name Quantum Ventures, LLC.
According to the RFP, signed by Mayor Robert Mielke, the marketability of the area appears strong “due to its pre-leasing momentum and heavy local interest.”
But critics say the “pre-leasing momentum” has been overstated, making the project appear stronger than it truly is. The project currently has letters of intent for seven of the 57 residential units and about 18,000 square feet of the nearly 60,000 square feet of commercial space planned, according to the most recent figures supplied to the city by Mike Frantz.
Image: City of Wausau