Green Bay Council approves future project grants for downtown development

The Green Bay Redevelopment Authority made significant strides in its latest meeting, focusing on the ongoing development projects and financial agreements that promise to reshape the city’s landscape. A key highlight was the approval of a revised development agreement that includes a $16 million assessed value based on existing renovations of the Larson Canning buildings. This agreement is crucial as it sets the stage for future projects and financial incentives aimed at boosting local development.

The meeting revealed that the Tax Increment District (TID) has been extended by three years, allowing for additional time to reach the projected assessed values. Officials expressed confidence that the total assessed value will reach $16 million by 2027, contingent on ongoing construction and development efforts. The developers are actively working to maximize the value of the area, which is expected to benefit the community significantly.

Another noteworthy aspect discussed was the introduction of a unique future project grant system. This system allows developers to receive grants based on exceeding minimum assessed values, providing a financial incentive to enhance project outcomes. For instance, if the total assessed value surpasses the guaranteed minimum by $1 million, a $100,000 grant can be awarded, scaling up with higher increments.

The meeting also touched on the progress of Paper Transport, which is transitioning into its new space at 540 North Broadway. This move is anticipated to invigorate downtown Green Bay, with the company bringing in new logistics and brokerage services.

In conclusion, the developments discussed during the meeting reflect a proactive approach to urban redevelopment in Green Bay. With the extended TID and innovative financial incentives, the city is poised for growth, promising enhanced economic opportunities and improved community infrastructure in the coming years.