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Authority approves TIF District 31 to support 1 Astor apartments and Fire Station 1 conversion
Summary
The Redevelopment Authority approved creation of Tax Increment Financing District No. 31, a blight‑designation district covering about 5.5 acres to support a 125‑unit market‑rate development by 1 Astor Holdings and a planned Fire Station 1 conversion, using pay‑as‑you‑go incentives with caps.
The Redevelopment Authority voted unanimously to create Tax Increment Financing District No. 31, a blighted-area TIF covering roughly 5.5 acres on Green Bay’s southern downtown edge to support two projects: a 125‑unit market‑rate multifamily development at 100 East Mason (1 Astor Holdings) and conversion of Fire Station 1 to mixed uses.
Rebecca, city redevelopment staff, told the authority the district qualifies as blighted under state statute for the parcels included and that roughly 78% of the district area is designated as blighted, exceeding the 50% requirement for a blight finding. She said the district also would be structured as pay-as-you-go incentives with a maximum 27‑year life.
Under an existing development agreement for 1 Astor Holdings, the developer would receive 80% of annual tax increment for up to 23 years or until a $4.5 million cap is reached; the city’s modeling estimates that cap would be reached by about 2045 under current assumptions. The staff presentation modeled an overall total of about $9.3 million in incremental tax collections over the district’s life and forecast approximately $5.2 million in pay-as-you-go developer incentives across the two projects; the modeled payout for the Fire Station 1 conversion at 80% for 20 years was about $720,000 but could vary with pro forma revisions.
City staff said the district could generate sufficient cash flow to repay much of the incentives and that it might close before the statutory maximum in projections (staff modeled possible closure as early as 2044). No new district debt issuance was planned in the presentation; revenues were modeled from incremental property taxes only.
A representative of Downtown Green Bay Incorporated spoke in support of the district during the public hearing, noting the 1 Astor residents would “have an easy walk into the downtown area” and that nearby historic properties present redevelopment opportunities. After the public hearing and presentation, the authority adopted the resolution approving boundaries and the project plan for TIF District No. 31.
