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

18 replies on “Quantum Ventures’ registered agent resigns”

  1. I can assure you that there will be 5” of wet snow in Hell before Mike (financing is just around the corner) Frantz comes up with any money for the project. These promises are coming from a guy who was evicted from the office space he rented in Wausau because (wait for it) he did not pay his rent. HA HA HA!

  2. But….but…but, he gave us his personal guarantee that he would pay us back the $300k + “predevelopment loan” city hall gave him. He’s good for that, right?

  3. Who is accountable for all these millions of tax dollars wasted to please the downtown clique?

      1. The responsible party will be the taxpayers of Wausau. This and the previous administration never hold anyone at city hall accountable for anything they screw up. Schock will get a pat on the back for this debacle and likely a raise.

        The city, via the taxes it steals from the citizens, will be paying the $3 million in liens to get the project moving again. And we can only guess at how much the new developer will be asking for on top of it.

  4. Without an agent, will the process allow the city to move on to the three new bids prior to August 23rd?

  5. Seriously, can we go 10 days without this damn thing coming up? Unless they are simply trying to exhaust the readers of the Wausau Pilot and Review, and its staff, and hoping eventually the journalists here will stop caring.

  6. This is an important topic and it means big money for the city, hosing for those that want to live there and jobs in construction… I doubt if the Pilot staff cannot handle the challenge of reporting on the project.

      1. Save yourself from even attempting to decipher Enk, Shereen. You’d have more success with the Dead Sea Scrolls.

      2. you can handle it! When this deal goes through, it means jobs, tax dollars and more housing… !

  7. Can’t wait to see the next wave of charlatans attracted by the city pumpkins to waste more millions on useless and unwanted projects to please the downtown clique.

    1. Schock’s golden boy has his name attached to more sketchy business practices.

      Schocking I tell ya.

    2. At least they have a building and they are questioning the hundred thousands $$. Our pumpkins have a foundation? and $3+ millions in liability that they are not even questioning. Anything to please the downtown clique.

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