UPDATE: City says 'yes' to funding nonprofit's Wausau mall purchase

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WAUSAU, Wis. (WSAW) -- The Wausau City Council has said 'yes' to a proposal from a Wausau nonprofit to buy the Wausau Center Mall. The vote was 8-1.

City records state Wausau Opportunity Zone Fund, Inc., or WOZ is funded by local philanthropic foundations. The request says their goal is to use the mall to support quality of life, and long-term economic benefit of taxpayers.

WOZ is asking the city for $1 million forgivable loan. The acquisition is contingent upon WOZ entering into an agreement with the city. On Tuesday night the city said yes to that forgivable loan. "It's not even so much a grant as it is as for when stuff is being built or taken out in the mall. If a project is being completed then that money for that part of the mall will be forgiven," explained Mayor Robert Mielke, city of Wausau.

Rialto Capital will no longer own the building aside from Hom Furniture. The closing with the new owners should happen in early November. "We are going to be retaining one person and a panel of people from the city and stakeholders in the area to help come up with a redevelopment plan for the mall. All options are on the table right now," said Joseph Mella, Representative for Buyer.