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Joint review board approves TID 30 project plan to support US Bank building conversion downtown
Summary
The board approved a draft project plan for proposed Tax Increment District (TID) 30, which would fund pay-as-you-go reimbursements for converting the US Bank building at 425 Pine Street into market-rate apartments while retaining ground-floor commercial space.
The Green Bay Joint Review Board on June 10 approved a draft project plan for proposed Tax Increment District 30 to support the conversion of the US Bank building at 425 Pine Street into 66 market-rate apartments while keeping the bank on the first floor.
Harry, a consultant with Ehlers & Associates presenting the cash-flow model, summarized the financial structure: “Pay as you go works where the city's not putting any money in upfront … the developer has to build a project, create new value and then as those incremental dollars come to the city a portion of that gets shared back to the developer.” The project plan includes an 85% annual pay-as-you-go reimbursement, a $7,000,000 tax-incentive cap and a minimum guaranteed post-project assessed value of $8,000,000.
City staff said the 1.35-acre proposed rehabilitation/conservation district is intended to cover the building conversion on Floors 2 through 7, adding an estimated $8,400,000 in equalized value. Ehlers’ financial model projects about $4,200,000 in incremental tax collections over the district’s 27-year maximum life; under the 85% pay-go arrangement the model estimates about $3,600,000 in total payments to the developer across that period.
The project’s development agreement was approved in November 2024 and amended in April 2025 to convert an additional floor to residential, increasing the unit count by 11 and adjusting financial terms. Consultants told the board there is no debt planned for the district and that the $7,000,000 cap is well above the modeled payment amount; if the cap is not reached the city would not be required to make up the difference.
Board members asked about total project cost and how the incentive fits the capital stack. Staff said the development agreement requires a construction budget of not less than $10,000,000 and that the developer’s pro forma showed a funding gap the pay-go assistance is intended to close. Ehlers noted modeled annual payments in the range of $125,000–$140,000.
A motion to approve the TID 30 project plan passed by voice vote. Staff and consultants said the project will next move through the Redevelopment Authority and then to City Council for final approvals as part of the city’s TIF creation process.
No public testimony was recorded on this item during the meeting.
