Green Bay RDA approves multiple development agreements, extends planning option and authorizes outside counsel for loan collection

The Green Bay Redevelopment Authority on Thursday approved development agreements and amendments for projects across the city, extended a planning option for a five-townhouse project and authorized hiring outside counsel to pursue repayment of a $35,000 revolving loan to Bay Area Burger Company, LLC.

The meeting focused most heavily on three projects: a proposed redevelopment along the Fox River at East Mason and South Adams streets, an amended agreement for converting the former U.S. Bank building on Pine Street to apartments, and a proposed 30-unit multifamily project on Hobart Drive.

Matt, staff member, described the riverfront proposal as “substantially, very similar” to a 2019 development agreement begun by Miller Land Investments and said Spark Development proposes to build about 25 market-rate units with an estimated post-construction assessed value of about $15.5 million. “They showed approximately about a 4 and a half million dollar gap in their capital stack,” Matt said, and staff recommended city assistance similar to the prior incentive with a higher cap of $4.5 million and a 27-year blanket TID for the district.

Derek, the developer on the call, was available to answer questions, and staff noted a TID application to create a district focused on the riverfront parcel would be brought back for creation this summer, with an operational target tied to the tax rolls discussed for early 2026.

On a separate item, staff recommended approving a first amendment to the development agreement with Living Downtown LLC for the rehab and reuse of the…