On Monday morning, Stevens Point leaders made a deal to move forward with plans for the Centerpoint mall.
The mall has been a work in progress for years. In 2010, Stevens Point leaders announced plans to redevelop the increasingly empty building and move Midstate Technical College inside. But city leaders realized the process could take longer than expected.
"Sometimes you have to check your ego at the door and understand you need to make decisions that really take the community as a whole to heart," said Stevens Point mayor Andrew Halverson.
Plans for the mall had to be put on hold after a legal battle broke out between the city of Stevens Point and the mall's former owner, Valley Bank. But on Monday morning, the two sides came to an agreement. Valley Bank senior vice president Steve Janney calls it a compromise.
"It gave the bank the ability to recapitalize itself in the amount of $1,925,000 that we can now reinvest and actually start making money on," said Janney. "Mutually I think it was a great decision."
For the price tag of $1,925,000, Stevens Point city leaders don't have to worry about legal action the bank had taken against them and Valley Bank can't sue them in the future. Even though it's a bit more expensive than Mayor Halverson anticipated, he said it's worth it.
"For the first time ever, we know exactly what will happen, which is MidState will be able to build in downtown and Third Street will move forward," said Halverson.
"It's been a very trying situation but it all ended in a way that we can all be happy so we wish everyone there well," said Janney.
Representatives from both sides say there are no hard feelings and they're happy to move forward.
The Midstate Technical College dean said he hopes to start classes in the downtown building by May of 2013.