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Green Bay authority approves development agreement for 95‑unit Grand Boulevard Apartments
Summary
The Green Bay Redevelopment Authority approved a development agreement with Grand Boulevard Apartments LLC for a 95‑unit multifamily project at the former JBS site, including a $2.5 million upfront loan repaid by tax increment revenues and a $500,000 HOME allocation to subsidize four deeply affordable units.
The Green Bay Redevelopment Authority on June 17 approved a development agreement with Grand Boulevard Apartments LLC to build 95 rental units on a parcel at the former JBS site, and separately authorized $500,000 in HOME funds to support four units restricted at 60% of county median income.
The agreement covers a 95‑unit multifamily building the developer says will target “the missing middle” — households at roughly 80% to 120% of area median income — and includes a proposal to transfer the parcel to the developer for $1 and provide an upfront loan of $2,500,000 that the authority said would be repaid from tax increment generated by the development. The authority approved the development agreement and a related collateral assignment; council members also approved use of $500,000 in HOME dollars to support four units restricted to 60% of county median income, with a stipulation that those four units include at least two two‑bedroom and two three‑bedroom apartments.
Why this matters: City staff and the developer said the upfront loan is intended to close a financing gap that could not be covered through conventional market‑rate financing and would allow construction to begin sooner. The authority said the project is the first phase of a larger neighborhood plan that includes new roads, utilities and a park on the donated JBS acreage.
Developer and financing details Developer materials submitted to the authority estimate a post‑construction assessed value near $11,000,000. The developer requested an upfront loan of $2,500,000 and a nominal $1 transfer of the parcel to close the gap in the project pro forma. The developer also guaranteed a minimum annual property tax payment intended to cover the debt service on that loan.
A representative for Gorman & Company, the developer affiliate on the call, said the project would include a mix of one‑, two‑ and three‑bedroom units. “There is 23 one‑bedrooms, 48 two‑bedrooms and 24 three‑bedrooms,” the developer representative said. He added that four of the units will be restricted at 60% of county median income to satisfy HOME funding requirements and that the remaining 91 units will be market‑rate, though they are targeted to the local market that currently rents at roughly 78%–80% of county median income.
On the loan approach, city staff said the authority plans to pursue a state trust fund loan rather than issuing traditional bonds, and that the $2.5 million would be passed through to the developer and repaid out of the development’s tax increment. “Upfront funding allows us to do the project because we are not paying interest on $3,000,000 from day one,” the developer representative said, arguing that pay‑as‑you‑go financing would not make the pro forma work.
Affordability requirements and conditions Staff said HOME‑funded units will carry the usual HOME affordability period; during discussion staff stated that HOME funds typically require a period of affordability (the meeting referenced 15–20 years depending on the HOME provision). The authority added a motion specifying that the four HOME‑assisted units should include at least two two‑bedroom and two three‑bedroom units to better serve families.
Timing and next steps The developer said Associated Bank was expected to close construction financing by July 31 and that the project team aimed to begin site work in August pending permitting. City staff said final development documents, any needed amendments, and the collateral assignment would be returned for later formal approvals and execution under the authority granted by today’s vote.
Quotes in meeting context Developer representative (Gorman & Company): “This project is a huge pioneering trek in Wisconsin, targeting the missing middle.” City staff member: “We will be applying for a state trust fund loan rather than a traditional bond.”
The authority approved the development agreement and the HOME allocation by voice vote; members indicated the motions carried. No individual vote tally was recorded in the meeting minutes provided.
Background and local context The parcel is one of several tracts on the former JBS property that the city received by donation in 2020. The authority and developer said the parcel is planned as the first multifamily phase in a broader redevelopment that will include single‑family homes, townhomes and public park space. Associated anchor employers nearby were cited as part of the market demand supporting units targeted to the 80%–120% income range.
What remains unresolved Staff said the authority will finalize specific contract language about the developer’s option to buy out the guarantee on the loan and will return any substantive amendments to future meetings. The collateral assignment requested by the lender will also be brought back for review before execution. The exact timing for permanent transfer of the parcel is contingent on completion of conditions and the loan structure agreed in the development documents.
