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RDA approves development agreement to rehab downtown Schauer/Schumacher buildings; tenant to occupy entire office space
Summary
The Redevelopment Authority approved a development agreement with Investment Creations LLC to rehabilitate properties on North Adams and Walnut streets, with an Everson law firm tenant, a TIF pay-go schedule and conditions tied to historic-preservation review.
The Green Bay Redevelopment Authority voted to approve a development agreement with Investment Creations LLC to rehabilitate downtown properties including 101–109 North Adams Street and 227 Walnut Street.
Staff said the developer, Umair Sheikh of Investment Creations, will rehabilitate 109 North Adams into office space and has secured a tenant — the Everson law firm — to lease the entire building. The plan also calls for renovating the Walnut Street building to create a retail space facing Walnut, interior parking for roughly four vehicles and at least one market-rate residential unit on the second floor. The city assessor estimated the project would create a minimum property value of about $1.5 million.
City staff described the proposed financial assistance as a pay-go TIF schedule that starts with 95% pay-go until 2035, drops to 90% from 2036 to 2045 and to 80% from 2046 to 2051. Staff recommended a TIF incentive cap not to exceed $750,000. The agreement as presented is contingent on the developer securing approvals from the State Historic Preservation Office (SHPO) and the city’s landmarks commission.
Staff also reported the developer had received initial approval to apply for a Community Development Investment (CDI) grant with the Wisconsin Economic Development Corporation (WEDC), which would be part of the project capital stack if awarded.
Board members who spoke praised the project as a longstanding opportunity; several members noted the presence of a committed tenant as important to making the rehabilitation feasible. The RDA moved to approve the development agreement; a member identified as Steve made the motion and Matt seconded. The chair called for the ayes and declared the motion carried.
Staff said the final development agreement execution and any property transfer would be completed only after required approvals from SHPO and the landmarks commission and after the developer secures any outside grant or funding approvals required for the capital stack.
