Wausau Center mall owner: We will meet lease terms
WAUSAU - The corporation that owns the Wausau Center mall owed the city more than $97,000 in back rent dating to early 2014 and hasn't complied with other terms of its 1980 agreement with the city, according to records obtained by USA TODAY NETWORK-Wisconsin.
The city warned mall owner CBL & Associates in a July 13 letter that unless CBL meets all terms of its lease with the city within 30 days, CBL will be declared in default of its lease. The letter, obtained by USA TODAY NETWORK-Wisconsin under state open-records law, also says CBL has not provided the city with certified audits of mall income for years.
Those audits are important because CBL pays the city, which owns the land on which the mall is built, rent that is based partially upon sales generated within the mall. Without those reports, the letter says, the city has no way of knowing precisely how much more CBL might owe Wausau.
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The notice is the latest setback in the city's relationship with CBL, which also is under investigation by the FBI and Securities and Exchange Commission.
Read more: http://www.wausaudailyherald.com/story/news/2016/07/20/city-mall-owners-owe-97k-rent/87336812/
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