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Joint Review Board approves transfer of $3.7M and $2.0M from TID 12 to support Shipyard and JBS developments
Summary
The board approved allocation amendments moving $3,700,000 from TID 12 to TID 22 (Shipyard) and $2,000,000 from TID 12 to TID 28 (JBS) to fund property acquisition, remediation and infrastructure; staff described identified acquisition of the W. E. Hoban/Green Bay Drop Forge property.
The Tax Increment District Joint Review Board approved allocation amendments on March 11 to move funds from Tax Increment District 12 to support two other TIF districts: $3,700,000 to TID 22 (Shipyard) for property acquisition, remediation and amenities, and $2,000,000 to TID 28 (JBS) to help complete infrastructure for a new neighborhood and public park.
A city staff member said the $3.7 million would support acquisition of blighted properties within a half-mile of TID 22 and cited a recent common council-approved development agreement with W. E. Hoban Company — locally referred to as Green…
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