TEN-SCREEN downtown MOVIE theater?

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Micon Theaters is one of two businesses competing for the former Sears space at Wausau Center mall. This rendering shows what a possible theater complex could look like.

Wausau City leaders are considering two proposals from businesses interested in redeveloping the former Sears building, which the city intends to purchase for $700,000.

Micon Theaters and HOM Furniture are both interested in the former Wausau Center mall anchor space. Micon operates theaters in Eau Claire and Chippewa Falls; HOM Furniture is one of the nation’s largest furniture retailers with locations throughout the upper Midwest.

Micon is proposing a 10-screen movie theater, up to 12,000 square feet of additional commercial space for lease, and an outdoor plaza. The company is requesting $3 million in TIF funds (tax incremental financing) to support the project. It would buy the property from Wausau for $800,000, though the city would be responsible for demolishing the building before construction begins in early 2017. Micon projects the theater will employ up to 10 full time and 65 part-time employees with an annual sales revenue projected at $3-5 million, according to the proposal.

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Micon submitted the proposal jointly with Hoeft Builders, an Eau Claire-based contractor specializing in construction management and real estate development. The two companies are creating a new partnership to jointly manage the proposed theater complex.

The theater project would generate an estimated $191,775 a year in property tax revenue for the city, and open during the 2017 holiday season.

HOM Furniture is offering to buy the building for $700,000 and is requesting $700,000 in TIF funding. The store would create 28 full-time jobs with an average salary of $38,000 per year. Its plan calls for the furniture store to renovate and occupy the entire former Sears space, about 88,000 square feet.

The HOM proposal calls for an initial $6 million investment in purchase and renovation costs. The company estimates injecting $35 million into Wausau’s economy in a 10 year span, including wages, sales taxes, local advertising and other spending. HOM would begin remodeling immediately and open about nine months later.

RELATED: What’s next for the mall?

Each project would bring significant taxable value to the city, says Mayor Robert Mielke. The theater would add $7.5 million in taxable value, while the furniture store is projected to generate $6 million.

The economic development committee will review the proposals today (Thursday), both of which are subject to final city council approval.

Wausau City leaders this week will consider two proposals from businesses interested in redeveloping the former Sears building, which the city intends to purchase for $700,000.

Micon Theaters and HOM Furniture are both interested in the former Wausau Center mall anchor space. Micon operates theaters in Eau Claire and Chippewa Falls; HOM Furniture is one of the nation’s largest furniture retailers with locations throughout the upper Midwest.

Micon is proposing a 10-screen movie theater, up to 12,000 square feet of additional commercial space for lease, and an outdoor plaza. The company is requesting $3 million in TIF funds (tax incremental financing) to support the project. It would buy the property from Wausau for $800,000, though the city would be responsible for demolishing the building before construction begins in early 2017. Micon projects the theater will employ up to 10 full time and 65 part-time employees with an annual sales revenue projected at $3-5 million, according to the proposal.

Micon submitted the proposal jointly with Hoeft Builders, an Eau Claire-based contractor specializing in construction management and real estate development. The two companies are creating a new partnership to jointly manage the proposed theater complex.

The theater project would generate an estimated $191,775 a year in property tax revenue for the city, and open during the 2017 holiday season.

HOM Furniture is offering to buy the building for $700,000 and is requesting $700,000 in TIF funding. The store would create 28 full-time jobs with an average salary of $38,000 per year. Its plan calls for the furniture store to renovate and occupy the entire former Sears space, about 88,000 square feet.

RELATED: City could spend $700K for Sears space

The HOM proposal calls for an initial $6 million investment in purchase and renovation costs. The company estimates injecting $35 million into Wausau’s economy in a 10 year span, including wages, sales taxes, local advertising and other spending. HOM would begin remodeling immediately and open about nine months later.

Each project would bring significant taxable value to the city, says Mayor Robert Mielke. The theater would add $7.5 million in taxable value, while the furniture store is projected to generate $6 million.

The economic development committee is evaluating both proposals, both of which are subject to final council approval.