Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Tif Allocation Transfers topic
No spam. Unsubscribe anytime.
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 Bay Drop Forge — whose State Street property the city intends to acquire. "We would be looking to acquire that property with these funds," the staff member said. The staff member said other properties are under consideration for brownfield remediation and redevelopment.
On the $2 million transfer to TID 28, staff said the JBS district is funding new roadways, infrastructure and a public park tied to a larger neighborhood project. Bids for the work came in higher than expected and the project has seen substantial change orders, staff said; the additional TID funds would reduce the need for further bonding to complete public improvements.
Board members asked about cash flow and the "but-for" test the joint review board must consider. Diana Ellenbecker, a board member, noted TID 22 has heavy up-front infrastructure costs and remains deeply negative in cash flow; staff confirmed that TID 22 has bonded for improvements and currently requires additional investment to support the redevelopment strategy.
Staff described housing planned in the JBS district as mixed-income workforce housing, generally targeted between about 80% and 120% of area median income, plus roughly 20 single-family lots the city expects to place into a community land trust to preserve long-term affordability. The staff member said the city is nearing a development agreement with a multifamily developer whose project would help bring TID 28 into a positive fiscal position over time.
The board moved and approved the allocation amendments by voice vote. Staff said this joint review board meeting is the first step; the requests will next go to the redevelopment authority and then to the common council, which is scheduled to consider final approval on March 18, before returning to GRV for final TID allocation action.
