1.  My good friend Pat Peckham is off to Montana for a few weeks.  I am inspired by both Montana and vacation.  What was the longest true vacation you have taken?  Let us not count that time you could not get a job for a year.

2.  My main man Rob Mentzer and I talked after he was out in his yard doing yardwork today.  Do you do that sort of thing?  Do you garden?  Have you been to the community garden?  I grow tomatoes.

3.  Does your job provide you with a business card?  What do you do with them?

4.  Are you aware of any large scale wi-fi hotspots within the city?  For example, we have the Balloon Rally happening, is that wi-fi’d out there?

5.  What kind of vacuum cleaner do you use?

6.  I just read a book by Neil Strauss called “Emergency” about preparing for the end of America. Do you think we should get ready?  Do you have any of that trepidation?

7.  My main man Adrian is a mechanic on large trucks and engines (I think, so if I got that wrong, Adrian, I am sorry).  I have spent a lot of time around the guy, and I really have a giant admiration or man crush on him for his self-sufficiency.  He has travelled the world, and he can do everything.  He is a skilled craftsman.  Is there anything you wish you could do, in the traditional trade crafts like plumbing, pipe fitting, finish carpentry, etc?

8.  Are we moving away from that sort of country, and into a nation of webmasters and baristas and reality TV shows?

9.  What do you think of Shawn Duffy, former reality TV show star, taking on David Obey?

Over the past year, I have been exploring ideas and politics in this town in a new way, at least for me.  I have been trying to learn the players and learn the game a little bit better.  As such, I have had both great experiences (spending time with Pat Peckham) and bad ones (spending time with others).  I have seen acts of tremendous leadership and sacrifice, and I have seen acts of tremendous personal cruelty that is masked as somehow part of this political process.  We have watched a GOP spokesman ousted for seeking moderation in tone, and we have watched the national media decry a man seeking that cooler heads prevail.

We had the terrible incident involving the letter of intimidation sent to the Council here in Wausau, fraudulently from the VFW address.  This letter was, in my opinion, a low point in Wausau politics.  But I did not know some of the terrible stories about the last few election cycles, and the personal and vicious attacks some of our elected and nonelected officials have taken.

Do not get me wrong.  I believe that this administration lacks transparency.  I believe that this administration is misguided, and in many ways, in over its head as Wausau seeks to find its footing in the next 10 years.  I think our Mayor is far too passive in regards to anyone and anything, save for his friends he spends time with up north.  None of this makes him a bad man, and none of this warrants personal attacks on him made through anonymous means.

In the past months we have seen a local village administrator and his wife attacked personally, and some might say viciously in the Wausau Daily Herald Forum.  Everything from this man’s weight, to his wife’s ability to have a more attractive husband was brought forth by an anonymous poster.  This administrator was able to get the name and address of the attacker, and he sent him a measured letter inviting the attacker in for a face-to-face meeting to handle these sorts of conflicts.  The attacker then had what I would call a bit of a nutty, dancing all over town about how the administrator was doing this or that with the letter, and attacking him further.  Then suddenly, as if out of nowhere, he changed his tune and screamed that the Wausau Daily Herald gave out his personal information.  This would be AFTER the man showed the world the letter, gave interviews, and the like.

In Wausau we have a large elected council.  This council is tasked with management of the future of our city.  We have an elected Mayor who is tasked with the day-to-day operation of our city.  The Mayor came to us after retiring from his professional life.  The council … they all have other jobs.  My point is, I am thinking they all chose this.  They all chose to serve.

Sure there are some benefits.  Many go on to improved lives, higher standing the community, and some go on to higher office.  It appears that our Mayor is getting some of the great social perks that come from being the man in charge.  Many decry this, and I have in the past, but recently it was pointed out that no matter who is in the chair, those perks have existed.  Whether I like the Mayor or not, they all tend to get to spend time at the cool up north lake house of wealthy friends, they get invited to the cool Christmas parties, they get the cool stuff.  They are, after all, the Mayor.

But now it seems like we have entered into a horrid time of personal attack.  We can see the massive venom on display places like the WDH forum or facebook, or by some degree twitter and other places where people can anonymously post mean spirited items.  Personally I have received emails from folks saying that I should attack people more viciously, and more personally if I oppose their actions or policies.  For about a day that seemed like a good idea.  These are public officials after all.  They volunteer, so they have willingly placed a target on their back.

I was wrong.  I was wrong, and that sort of personal cynicism has no place here in Wausau, or Central Wisconsin.  Everyone who seeks office does so willingly.  They seek to help, they think that they have something to offer their fellow man.  They think that they can make it better.  That is it.  End of story.

Our personal cynicism clouds our judgment about these people.  We see conspiracy where it is not, and we seek to make them into targets.  Doing this, we only harm ourselves.  By allowing people in this city to use vicious means to attack all of the members of the council, we make the next generation of leaders less likely to appear.

Jim Rosenberg once told me that you need to be aware of what is next, when you seek to cast stones.  I did not get it, and I probably still do not fully understand it, but I think he meant that before we tear down what we have, we should be aware that the next one is less likely to be as good.  We might in fact be creating a descending grade on which we get poorer and poorer leadership each time we seek to tear someone down, simply because we can.

Our personal cynicism enables us to feel powerful, instead of sad or afraid.  This misguided power is often used to lash out and harm people.  Hear that, harm people our attacks are harming the people who have volunteered to help our city move forward.  I have not been elected to anything, so maybe I need to consider that before I throw stones.  Maybe you could consider that as well.

It is fair to disagree on policy: it is even encouraged.  Our newfound lack of civility as evidenced all over the place should be stopped.  We, as a COMMUNITY, should demand of ourselves that we do not condone the actions of those who would seek to harm people, not policy, for their own ends.  We should seek to engage these folks and seek to drive a wedge between them and the process, as they seek to drive wedges between the council and the voters.

Our city council is full of good people.  They mean well, and they are trying their best.  Maybe instead of encouraging them to be part of the voting block (which is thankfully disintegrating) maybe we should encourage them to take steps to be more transparent, and we should engage in their discussions with votes and the media.

In honor of their sort of goodness, I thought I would make a list of one thing I like about each of them.  In no particular order.

1. Gary Gisselman.  I have created a mythos around Gary that makes him simply the smartest man I have ever known.  When I was a boy I would go to the library and work on school papers, and inevitably Gary would help me find everything I was looking for, and more.  Hence, the smartness.  Plus, he is a studied and patient member of the council.
2. Deb Hadley.  First off, it appears Deb has known me far longer than anyone should.  So that immediately makes her cool, for enduring that.  Secondly, I think that Deb is committed to her ideas, and she sees things clearly and acts with a clarity of vision.  She does not often seem to get sidetracked by the passion of it all.  And she owes Rosenberg 20 bucks.
3. Steve Foley.  Steve is simply the cool guy on the council.  But more than that, Steve is a multitasking, community driven father who puts his money and his life where his ideas are.
4. Ed Gale.  Ed Gale is passionate, smart and driven.
5. Lisa Rasmussen.  New to the council, Lisa is willing to engage in the conversation far more than anyone else.  When no council member will respond to an email question, Lisa will always.  I think that is noble.
6. Gary Klingbeil.  Like Pat Peckahma, I like Gary’s calm sense of process.  Things take time, discussions happen, time passes and Gary seems to get that.
7. Jim Brezinski.  Simply put, Jim is a teacher.  He presents his opinion in a way that reflects his ability to communicate.  And, Jim is a survivor.
8. Jim Rosenberg.  Rosenberg wants to be the cool guy, but you can tell just by looking he is a dork.  In a good way.  He has dorky passions, but he is really passionate.  He is that sort of dorky earnest guy who will always end up being the hero, because it is the right thing to do.  And he acts on a longer vision than most.
9. Bill Forrest.  The thing about Bill is I think that Bill gets it.  He understands the divisive nature of things, of the process, of those people in the community who would drive that wedge.  And he does his best to ensure that the process is safe and possible for council members.  He is a great council president.
10. Tom Miller.  First off, Miller has a great pickup truck.  Second, I think that Miller sees the world in such a way that he is able to understand his voting and position with clarity and grace.
11. Matt Kaiser.  Like Lisa, Matt is a new cat and is more than willing to engage the process.  To engage the conversation.  I like his willingness to say things, make mistakes and correct them.  That reflects earnest effort.
12. Sherry Abitz.  Sherry is tough.  Tough as nails.  You can see that her time has been hard on the council.  You can see that she listens to her district closely, and she works hard to ensure that these things are brought forth.  Abitz is a worker, and that is awesome.

So there it is.  12 people.  All trying to do something.  All volunteers for lack of a better term.

As has been tradition for some time, we Americans have decided that the best way to celebrate a “Shot Heard ‘Round the World” is with shooting other things that make much noise to be heard – specifically fireworks.

Wausau has a great deal to offer for a community our size.  Those people who complain there is nothing to do really have not looked.  The arts are well represented.  Thanks to Rib Mountain and the Wisconsin River, we have year-round recreational opportunities, and I have already posted about the benefits of having the Wisconsin Woodchucks call Wausau home.

Considering the size of the overall Wausau Metro area, it is surprising that we really don’t have a truly impressive fireworks display for Independence Day.  I find that truly sad.

Before you start attacking me for me talking down about the Jaycee’s celebration at Marathon Park, I am not doing that.  I think they have a great way to spend some time, good low-cost entertainment for the entire family.  Normally they have fireworks two or three nights during their celebration.  However, I just don’t think that the fireworks they have at Marathon Park really do the Wausau area justice; I personally think that a community our size, on the Fourth itself, deserves more.

As a pyrotechnician myself, specifically one who has worked as part of the fireworks crew shooting the Jaycee’s shows for a few years, I understand what is going on and why they are limited to the type of show that they have.  And, some people actually prefer their show.  Their show is not allowed to use some of the really big, really fancy shells, so instead they have lower-level effects.  And because those bigger shells are much more expensive: by having ONLY lower-level effects, they can have much more of them.  Based on pure “number of shots,” there is a lot going on during the Marathon Park fireworks show – never a dull moment.

The Marathon Park fireworks for the Jaycee’s was my second ever show as part of a fireworks crew in 1993 (my first show was with the same crew doing a large show in Merrill a few weeks earlier, shooting off of an island in the Wisconsin River, we had some seriously big shells to work with).  At that time, the aerial part of the show consisted of 3” and 4” diameter shells along with some mid-level effects.  (Mid-level are those items that go in the air at least 50 feet, but do not go over 200’ – on average, the height of an aerial shell is the inch diameter x 100 – 3” shell goes 300’, 5” shell goes 500’, etc.)

With improvements made to Marathon Park, the 4” shells were removed from the show.  Shortly thereafter, our crew was moved to the Rhinelander Fourth show, which was shot from a golf course across the river from Hodag park.  Rhinelander’s show featured all the way up to 12” diameter shells shot out of mortar that was nearly 6’ tall.  So, here I was in Rhinelander with a very impressive show, but I couldn’t understood why the much larger area of Wausau didn’t have a show like this?

Because of budget cuts, Rhinelander starting shooting their show themselves, and we were awarded the Weyawega show.  That show went up to 5” and was still more impressive than Wausau’s.  Our crew then returned to Wausau a few years ago, and the Fire Dept. was dead set against our using even 3” shells.

I am no longer part of a crew, but instead have my own crew.  I now shoot a show in Pell Lake, a very small township just south of Lake Geneva, an impressive show lasting 35 minutes with up to 6” shells.

I understand the problem.  Although I would disagree with the Fire Dept. about the safety of 3” shells in Marathon Park, anything bigger than 3” does pose an issue with how close buildings and other structures are.  However, we have other areas in the Wausau area where larger shells could be fired.  The weekend after the Fourth larger shells will be part of the fireworks associated with the Balloon Rally, launched from the Wausau Airport over the river.

There has to be a way that the Wausau Area can be treated to a Fourth of July fireworks show with some of the larger shells that can have pretty impressive effects without interfering too badly with the Jaycee’s shows.  The Jaycee’s can keep doing the great job they are doing and have their “mid-level” show a couple of times, but on the Fourth itself, can’t we please have a decent show?  Too many people go to Stevens Point or Mosinee or Merrill.

2. The heat was simply impressive, and the fact that it did not break into a massive storm boggled my mind. How did the heat affect you? As we look to the future, what societal changes can we make to ensure that these extremes in temperature are something that we can protect ourselves and our family against while ensuring we have a working model for the future?

3. Have you ever corrected someone’s behavior in public?

4. We all get slighted, and we all court approval. Do you think you are less likely to speak up in correcting a slight for fear it will lessen your chance of approval later on?

5. Do you think that Wausau has a “cool kids table” like my high school cafeteria did?

6. Do you think you’re smart? Smarter than?

7. Do you like fishing? I just went fishing and caught my first fish, and I threw them back. It was pretty cool. But there were a lot of skeeters on the lake at dusk.

Attempting to turn that mindset into a forward-progressing reality within the Wausau area is the Commission for a Greener Tomorrow. Established during the summer of 2007, the organization assumes leadership in the effort for sustainability through conservation, ecological awareness and higher-level thinking toward our relationship with the environment. Immediately upon dropping those typical catchall phrases, it could be easy to dismiss the group as an insignificant body that merely wants what we all desire—a sparkling, clean planet. However, those “green” initiatives become much more realized when the impact hits home within the Greater Wausau community itself, and when the influence of the committee is clearly noticeable.

Most recently, the commission has been working cooperatively with the Wausau public transportation system in a push to create a bus line that would travel through the Rib Mountain commercial area as it already does in both Wausau and Weston. Creating the Business Improvement District that would provide the funding for the line doesn’t come cheap, however, as an estimate of $85,000 would need to be added to taxes in order to effectively run it—and that’s a low-end figure due to constantly increasing costs. While the numerous benefits to the service can be easily understood, the commission is collecting the opinion of Rib Mountain business owners and residents to gauge support. Fifty surveys were distributed, and as of June 22nd, three had already been completed and submitted to the group.

Over the June 19-21 weekend, the Midwest Renewable Energy Association once again put on their well-received, annual energy fair at the ReNew the Earth Institute in Custer. The Commission for a Greener Tomorrow bussed 15 people to the fair free of charge, which was an increase from eight folks who took the trip last year. Reception and reaction was heavily positive from the attendees, and the organization hopes to garner volunteers and sponsor another bus to travel to next year’s fair as well.

Numerous other projects are in development and exist only in their early stages, as the commission not only tries to gain recognition within the Wausau community, but to also collect support and backing. From reusable grocery produce bags in conjunction with the local farmer’s market, to a large woodworking clinic and art project directed at Wausau elementary students, the group’s aspirations vary, but they consistently support the goal of a sustainable Central Wisconsin. More specifically, the committee is proposing legislation that would declare Wausau an “eco-municipality”—a concept that is already in practice throughout several parts of the state. According to 1000 Friends of Wisconsin, as of November 2007, “12 local communities [have] formally adopted ‘eco-municipality’ resolutions.” The concept is an official pledge to put forth policies that increase the sustainability of the general community through cooperation with the citizens themselves.

The organization has struggled to find considerable support up to this point. With their humble number of recurring members and volunteers working directly with them toward their cause, their intentions are still positive and certainly in the best interest of the Wausau area. Continued work at piecing together resolutions and spreading knowledge about the importance of sustainability are the ultimate goals of the folks at Greener Tomorrow. Hopefully as public recognition and understanding of the group increases, so will the likelihood of success in their ambitions and, in turn, a better Wausau.

Every summer, I look forward to Farmers Markets, concerts on the square, Sunday afternoons at the splash pad and lazy nights spent reading in the hammock. I love my kids dearly, but 8 pm is that magical time when they’re both in bed for the night, and I have a half an hour or an hour to myself, and most of this time is spent reading. On tap for this summer, I hope to enjoy the list below. Please share your insights, suggestions and your own book lists for the summer.

1. Ghost Writer by John Harwood

I checked this out from the library and started reading it last night. So far, the story centers around Gerard Freeman, growing up with a strange and secretive mother, and I expect things to become enthralling and eerie. Entertainment Weekly claims that with his “intricate and engrossing first novel, John Harwood raises the ghost of the Victorian ghost story, goosing the action with a modern spin.”

2. Revolutionary Road by Richard Yates

My mother loaned me this paperback, and I try to read anything my mom suggests. Reading is a pasttime I share with my mom and sister, and it’s nice to be able to discuss books we’ve all read. Plus, I haven’t seen the movie based on the book yet, so nothing major has been spoiled for me. I think this is mostly about marriage and its struggles and rewards, which sounds interesting enough to me.

3. The U.S. Army Survival Manual by the U.S. Government

Because I bought this a while ago, and it’s still in my to-read pile, and I should learn something useful from my book list.

4. Wicked: The Life and Times of the Wicked Witch of the West by Gregory Maguire

I have heard nothing but good reviews for this book. It’s a loose retelling of the Wonderful Wizard of Oz from the wicked witch’s perspective. “Maguire combines puckish humor and bracing pessimism in this fantastical meditation on good and evil, God and free will, which should, despite being far removed in spirit from the Baum books, captivate devotees of fantasy,” according to Publishers Weekly.

5. Shadow of the Wind by Carlos Ruiz Zafon

Daniel, the book’s main character is the son of a widowed bookstore owner and is 10 when he discovers a book called The Shadow of the Wind. Rumors speak of a gruesomely disfigured man burning every copy of this book that he finds. A friend suggested this to me, and I’m a sucker for a book about books.

6. King of Lies by John Hart

I recently read Down River by this author and was entertained enough to seek out more of his work. Publishers Weekly calls this a “stunning debut, an exceptionally deep and complex mystery thriller, comparing favorably to the best of Scott Turow.”

7. Wish You Were Here by Stewart O’Nan

I have read a handful of books by O’Nan and wonder why he isn’t more popular. His books are intriguing and clever, and his characters are raw and real and relatable. This one is about a dysfunctional family who has lost their husband/father, and they all go to their summer cottage for a week to officially say goodbye to him.

8. Friday Night Knitting Club by Kate Jacobs

My official “beach read” for the summer, this is the first of a series about a knitting store which draws loyal locals and a few oddballs. I crochet and am hoping to teach myself to knit this summer, so perhaps this will provide inspiration when my scarf turns into a legwarmer.

9. Immortality by Milan Kundera

This will probably my most difficult read this summer, but I enjoyed Kundera’s Unbearable Lightness of Being and think I’m ready to read more from him. I own Immortality and the Book of Laughter and Forgetting, so I will be happy if I read either.

10. Handle with Care by Jodi Picoult

This was a Mother’s Day gift, and I read any book from my husband and children. I think this fulfills my obligatory chick lit requirement for the summer, though Stephen King has it on his summer reading list, claiming “Men out there who think Ms. Picoult is a chick thing need to get with the program. Her books are an everyone thing.”

11. Perfection by Julie Metz

A memoir about the author’s seemingly perfect marriage, until her husband dies unexpectedly, leaving Julie a widow and a single mother. Things go from bad to worse when she discovers her late husband’s infidelity.

12. Amy and Isabelle by Elizabeth Strout

Olive Kitteridge is possibly the best book I’ve read this year, plus it won the Pulitzer. I need to read more from Elizabeth Strout.

What I can bring to a column is a scatterbrained, mishmash of feelings—ones that are almost bittersweet. While I sometimes look at the comforts and opportunities being a citizen of the Wausau area has provided me with over the course of growing up, I many times feel as if I’m trapped within this isolated bubble, surrounded by farm fields and geographically dropped in the middle of a state whose only roads leading out into the real world are all dead ends.

This week I had a chance to have my first lunch on the block.  It was an amazing sort of thing.  I bought some food from a locally owned downtown grocer (wink wink), and I went and sat with a friend in the park.  There were about 50 people there, all doing the same thing.  We were lucky enough to get a bench early, and some strangers sat down with us.  And the four of us ended up talking about everything, and they even mentioned this website, which was cool.

There were a ton of 20 somethings, and teens doing whatever it is that teens and 20 somethings do.  Primarily I think they were socializing, and by degree, looking for help finding their way through this world.  At least that is what I was doing at that age.  They were all cool kids, and they seemed to like what was going on there, and the vibe was nice.

Wausau Area Events puts on these little lunches that have amazing farmers, and other stuff.  It is truly one of the best, more pure things that Leah and Kari and that group does.  I am eternally grateful.  I look forward to more time with my spork and some veggies on the square.

But, the event that is sort of the embodiment of the 400 Block, and in a lot of ways downtown, is the concerts.

For me, the music is just sort of warmed over, and not all that interesting, but I think the music is secondary.  Every week thousands (maybe) sit on the square, and they get along and have drinks and food and enjoy each other’s company.  Young people, old people all sitting together and doing the things that people do – talking about the events of the day, watching kids play, drinking some wine – and it all comes together like community.  A community within a community.  An inclusive event, put on by the groups that put on things like this in town, for free.

And we are lucky to have it.  Communities can be online, focused around a sports team or idea, or around mutual interests.  I have always found broad spectrum community is the best thing.  Sitting with people, and doing regular people things: that is cool.

And that is what the 400 Block is to me.

As always, before getting into what might be a touchy topic, I think it valid for people to understand my personal background.  I don’t know the owners, I never was in the Fillmor because frankly, I am not really a people person so venues designed to draw large numbers of people are normally not high on my list.  I really don’t know too much of the history of it except for what I read in Daily Herald or the City Pages.  So, with this utter lack of background, why am I writing about the Fillmor?  Maybe it is because of this lack of background.  I can see the situation from a different perspective.  I can look at the Fillmor from the perspective of someone who dabbles a bit in real estate and has been known to wade in the pool of distressed properties from time to time.  Also, because dealing with distressed properties can be quite complicated, I will apologize in advance for the length of this post, but I think it better to be a little long winded in order to try to explain in simple terms some pretty complicated stuff.

Here is the situation as I understand it from what I have read in our local publications.  Purchasing the old Rogers Theater     and then converting it into the Fillmor was not cheap.  The owners have a $600,000 mortgage through a non-local lender.  In addition, they borrowed money from the CDA to the tune of $175,000, also secured by the property.  I read that some of the contractors who did the work have not been paid in full for that work, and have filed construction liens against the property.  In addition, the property tax bills are not current.  This definitely meets the term of “distressed property” from a real estate perspective.  This is when things start to get interesting for me (as a real estate investor).

According to the Daily Herald article, the owner has basically dumped every penny they had into this, and they have simply run out of pennies.  They are hoping to find an investor to help them out.  I agree that fresh money never hurts, but as an investor myself, now is not the time to jump in.

All of these amounts owed are basically liens against the property.  The large $600,000 loan is a first mortgage and the CDA funds are a 2nd mortgage.  The construction liens are all liens against the property as are the unpaid taxes.  In checking with the City of Wausau Assessment Department’s website, the preliminary assessed value of this property with the improvements finished is $411,500.  If you add up the total owed against the property in mortgages, liens and back taxes, the amount is approximately twice as much as the property value.  To get in as an investor now, investing in a property that is worth $400K with $800K of liens against it is not a smart move from a real estate perspective.  (I understand there is more to the Fillmor than the real estate, there is the business aspect of it as well – however, since I am a real estate guy, looking at the real estate only is just my perspective on things.)

Having this property go through foreclosure is pretty much required before investors are going to take a serious look at this property; some of these liens have to go away.  Liens are on a property in a certain order.  Taxes are always in first position.  Mortgages are in the order that they were obtained (unless one of the mortgages agreed to let a later mortgage get into an earlier position).  Other liens such as civil judgments and construction liens would be in line behind the mortgages, again in the order from the oldest to the newest.

Any lien-holder can foreclose on the property if their lien is in arrears.  However, a foreclosure normally results in a Sheriff Sale.  The proceeds of the Sheriff Sale get paid out as follows:  First the party that foreclosed gets paid off.  Second, any lien holders in line after the first party get paid off in proper order until the money runs out.  (If they run out of money before they get to your lien, you get nothing.)  If there is any money left, that goes back to the original owner.  Notice I didn’t mention any money going toward any of the lien holders in front of the party that foreclosed.  That is because those liens are still valid.  If the CDA would foreclose on their second mortgage, it would eliminate all of those construction liens, but that $600K first mortgage would now become the CDA’s responsibility.

The current foreclosure action is being under taken by the first mortgage holder.  Considering that the mortgage is for $600K but the property is only assessed at $400K, they will probably not get enough at the auction to pay off their first, which means no one in line behind them (including the CDA) will get anything.  What will probably happen is the bank will bid $600K at the auction, no one else will bid.  The bank takes it back, all the liens (except property taxes) get eliminated, and now they have to try to sell the thing.

Banks don’t like owning real estate.  It is not what they are designed to do.  REO’s (Real Estate Owned, the term used for bank-held properties that they took back) are a draw on their balance sheet and their resources.  All banks know this. The problem is that larger banks really can’t look at individual properties.  They have a procedure, they follow it… period.  (This is why I noted that the mortgage is an out-of-town lender, this matters when trying to work something out with that bank.)

I know many people are ready to send a lynch mob after the CDA for loaning nearly $200,000 in return for a second mortgage on a property worth only $400,000 that ALREADY had a $600,000 mortgage on it.  Although I will agree that the CDA, when underwriting, depends too much on that second mortgage interest and not enough on the financial strength of the applicant, I have a hard time finding fault with their actions in this case.

I look at this way.  What if the $175,000 wasn’t a loan?  What if it was a grant?  You had someone who was willing to take a long-time vacant property and turn it into something that had the potential to be a regional draw, something that would bring people to Wausau from the region, and more specifically, bring people to Wausau’s downtown.  There are discussions about investing anywhere from $500,000 to over $1 million into the 400 Block for this exact reason, to draw people to downtown.  So, with that concept in mind, a $175,000 GRANT to the Fillmor seems like money well spent.

However, it wasn’t a grant, it was a loan.  A loan secured by a second mortgage.  A mortgage that is just adding to the weight of the total project right now.

If I was going to invest in the Fillmor, this is how I would do it (again, from a purely real estate perspective).  I would be working my butt off with that first mortgage holder.  I would do everything I could to show them the money they were about to lose by converting this to an REO property.  Once you figure in the cost of sale and the unpaid taxes and the cost of selling it again, not to mention the maintenance costs until that happened, they would be lucky to walk away with $250,000 to $300,000.  If this was a local bank, this would be easier to do as they understand the property, they understand the market, and it is in their best interest to have $250,000 in cash than a property that they MIGHT be able to net $250,000 on at some point in the future, maybe.

I would try my best to convince that out-of-state lender to sell me their first mortgage for $250,000 to $300,000, and along with it, their position in the foreclosure.  They are happy because they have the cash NOW.  I then take their place and continue the foreclosure action, only at auction, I don’t open the bidding at the $600,000 the mortgage is worth, I open the bidding at $400,000.  For that, maybe the CDA will jump in and buy it to protect their second, or maybe one of the other lien holders.  Or maybe the owner will now find an investor partner in the business who is willing to pay $400,000 for a property assessed at $411,500.  If that happens, I am happy, I walk away with $100,000 profit.  If no one else jumps in at auction, I am still happy.  I have the property, I paid $300,000 for it, and once the taxes are paid, it is owned free and clear.

I think that the Fillmor will survive.  I believe that it will become a regional draw to downtown Wausau as a live music venue.  However, I also believe that this cannot happen under the weight of the debt this venue now carries.  A foreclosure does not have to be the end of a dream.  Instead, it can be a fresh beginning.

2. Where in Wausau will you not go? Or shop?

3. Where is your favorite place to get pie in town?

4. Do you have a library card?

5. In purchasing hand tools like wrenches or screwdrivers or others, what makes a good tool? What are some prominent features that you look for in a DIY item?