Council approves $3M bank acquisition

STEVENS POINT — The Stevens Point Common Council has cleared the way for the city to acquire a prime downtown property for $3 million, voting 9-2 to approve a finalized sale agreement.
The decision authorizes the purchase of the JP Morgan Chase bank branch at 601 Main Street. Voting against the measure were Alderpersons Olson and Donahue, who voiced criticism of the deal’s financial impact on local taxpayers.
Alderperson Olson led the opposition, questioning the spending of $3 million when the city faces budgetary constraints. “We are agreeing to spend $3 million on this without a plan in place,” Olson said. She pointed out that if the building sits vacant for five to ten years it could cost upwards of $25,000 annually in utilities and maintenance, plus an estimated half-million dollars in opportunity costs.
Furthermore, Olson questioned the transparency of the process, noting that key negotiations took place in closed sessions on Aug. 19, 2024, and April 21, 2025. “For the public, they can’t see what happened in closed session,” she said. “Newer alders, we have not been privy to those closed sessions.”
Mayor Mike Wiza and city staff defended the purchase as a long-term strategic move. The mayor emphasized that the $3 million purchase price had already been approved in 2025 and reapproved earlier in 2026. The Aug. 17 vote was solely to finalize the contractual terms, which stipulate that the sale will not close until Chase completes and relocates to a new facility currently under construction.

While acknowledging Olson’s questions as valid, the mayor explained that negotiations are legally held in closed session, while final approvals are always conducted in public. He added that Community Development Director Kivela has already been in talks with several groups interested in redeveloping the site.
Proponents pointed to the city’s Downtown Targeted Area Master Plan to justify the acquisition. Alderperson Lang directed council members to pages 29 and 30 of the plan, noting that the Chase property is classified as a “Priority Level 1” redevelopment project that meets seven distinct community goals.
“When it comes to redeveloping our downtown, this has been a keystone,” Lang said. “If we can get it where it’s what we control is going to happen there in the future, that is why it’s a priority level one.”
Alderperson Christensen echoed that sentiment, arguing that land ownership is the only way the city can dictate development. He noted that the council previously rejected moving city hall to the site because a civic building would not represent the property’s “highest and best use.”
“The only way we can control what happens on a piece of property is if we do take ownership, and this enables us to do that,” Christensen said.
Under the terms of the agreement, Chase will maintain a single ATM on the property after the branch closes and ownership transfers to the city.