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Authority approves $1 transfer and PAYGo TIF support to convert former Fire Station 1 to offices, retail
Summary
The authority approved a development agreement to transfer Fire Station 1 to a private developer for $1, contingent on the agreement, and staff recommended 85% pay‑as‑you‑go TIF assistance to support a two‑phase rehab with retail or food/beverage on the first floor and offices above.
The Green Bay Redevelopment Authority approved a development agreement that would allow the city to transfer Fire Station 1 to a private developer for $1, contingent on completion of the developer's rehabilitation plan and an approved agreement.
Staff described the planned conversion in two phases: Phase 1 would renovate the second floor into Class A office space and leave the first floor as a white box that could be marketed to retail or food‑and‑beverage tenants; Phase 2 would include the tenant‑specific build‑out once a tenant is secured. Staff recommended pay‑as‑you‑go (PAYGo) TIF assistance at 85% to help close a substantial funding gap for the conversion of the older building.
Staff said the property is currently valued at $0 on the tax roll; the assessor conservatively estimated a post‑rehab value around $1 million, though that could rise depending on final improvements. Staff said the transfer and assistance are part of a longer parcel trade that accompanied the city's earlier purchase of the Press‑Gazette building next door; the press's former owners obtained control of Fire Station 1 by planning option and the option was assigned to the current developer.
Member Steve moved to approve the development agreement (referenced in the meeting as 25‑05); Member Debbie seconded and the motion passed by voice vote. Staff indicated the project would be funded through the TIF district created in 2025 and noted that PAYGo assistance means no upfront subsidy from the authority.
