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Committee backs city resolution to authorize WEDC CEI grant application for downtown rehabs
Summary
The committee approved a resolution authorizing Investment Creations LLC to apply to the Wisconsin Economic Development Corporation (WEDC) for a Community Development Investment (CEI) grant to rehabilitate three downtown properties; staff said WEDC caps awards and timing is tied to the state fiscal year.
The Green Bay Finance Committee unanimously approved a resolution authorizing Investment Creations LLC to submit a Community Development Investment (CEI) grant application to the Wisconsin Economic Development Corporation (WEDC) for rehabilitation work on properties at 109 North Adams Street, 101 North Adams Street and 227 East Walnut Street.
City staff explained WEDC CEI grants of $250,000 are available for downtown improvement projects and that the municipality's resolution is required for WEDC to accept an application. Staff said this request is for properties that are part of a redevelopment authority-approved development agreement and that the proposed uses include a law office on Adams Street and commercial/retail with second-story apartments at the corner property.
Staff noted WEDC's fiscal-year timing and underwriting windows limit application timing; this authorization represents the city's support for the developer to apply. "They're $250,000 that allow applicants to apply to invest in downtown improvement projects," staff said. Committee members discussed timing and competitiveness; staff said if the application is not funded this fiscal year the authorization should still be valid for the next fiscal year should the developer reapply.
The motion to approve the resolution carried unanimously by voice vote.
