Finance Committee approves hangar sale paperwork, lease termination and new ground lease at 931 Woods Place

The City of Wausau Finance Committee on June 21 approved three related airport items connected to the sale of a hangar at 931 Woods Place: consent to transfer title and waiver of right of first refusal for buildings and improvements, termination of the existing ground lease with Beachwind Limited Partnership, and approval of a new ground lease with A75N1 LLC.

Committee members said the items are procedural steps required when selling a hangar: terminate the prior ground lease, transfer title to buildings and improvements, and establish a new ground lease for the buyer. John Schmiel was present for questions. Motions to approve each item were moved by Alder Watson, seconded by Alder Neil, and carried by voice vote without further discussion.

The committee noted the approvals are administrative steps and did not discuss sale price or purchaser financing in open session. With the approvals in hand, staff will proceed with lease terminations and execution of the new ground lease.