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Redevelopment authority approves TIF support for 41-home subdivision on East Side
Summary
The Green Bay Redevelopment Authority approved a development agreement to support a 41-unit single-family subdivision called The Pines, including creation of a new TIF district and staff recommendation to cover an estimated $2 million funding gap for public infrastructure.
The Green Bay Redevelopment Authority approved a development agreement to support construction of a 41-home subdivision called The Pines on a roughly 10-acre site on the city's east side, staff said.
Staff told the authority the developer is proposing primarily two‑bedroom, single‑family homes intended for market‑rate rental with the possibility of future sale. The parcel is currently valued at about $493,000; staff estimated a conservative post‑construction assessed value of about $9.5 million and said the developer documented a funding gap of approximately $2,000,000.
The authority's staff recommended providing tax increment financing (TIF) assistance to cover public‑infrastructure costs such as roads and utilities and to reimburse the developer on a pay‑as‑you‑go basis as the project develops. Because the property is not currently in an existing district, staff said a new TIF district would be created for the project.
Staff described the site as urban but historically underdeveloped. The planning commission approved the zoning change earlier in the week and the authority's staff said the council will consider the ordinance change next week; staff noted the zoning as approved allows single‑family and two‑family homes but not apartment buildings.
Member Steve moved to approve the development agreement (corrected in the meeting record to agreement 25‑06); a member seconded and the motion was approved by voice vote.
Next steps noted in the meeting: the council will consider the zoning change on its upcoming agenda and the authority will complete legal review and collateral‑assignment approvals before reimbursements begin.
