By Shereen Siewert

A Wausau business withdrew plans for new construction at the city’s Business Campus, more than three years after the council approved tax increment financing for the project.

The Wausau City Council in 2019, under the direction of former Mayor Robert Mielke and former Economic Development Director Christian Schock, approved transferring property to Composite Envisions for $1 for a planned expansion. The Council also approved reverse TIF payments of up to $49,000 for the plan to facilitate the new construction.

A draft development agreement was forwarded to Cory Thorson, owner of Composite Envisions, on two separate occasions for review and other “multiple attempts to communicate” produced no results, according to city documents. The city sent a certified letter to Thorson on Jan. 18 giving him a Feb. 15 deadline to declare his intention for the property, at 9500 and 9600 Innovation Way.

Thorson responded and indicated he was no longer able to move forward with the project. On Tuesday, Thorson spoke with members of the Finance Committee and, citing a change in market conditions, said the project is not feasible at this time.

City staff recommended withdrawing the agreement and TIF payment offer.