Redevelopment authority extends On Broadway public market completion deadline to December 2027

The Green Bay Redevelopment Authority on Monday approved an amendment to development agreement 24‑05 that extends the completion date for the On Broadway public market project to no later than Dec. 31, 2027, and requires updated construction documents, budgets, proof of equity and proof of financing to be submitted by May 2026.

The amendment was presented after On Broadway representatives described higher-than-expected construction bids and a funding gap. Garrett Bader, a board member of On Broadway Inc., told the RDA: "The presence of the media here today and the interest, I think, shows the community interest and desire for the project." Bader said initial estimates and fundraising were outpaced by hard bids that returned far higher than earlier budget projections.

Brian Johnson, president and CEO of On Broadway, outlined the revised capital stack and the steps the nonprofit is taking to close the gap. Johnson said architectural estimates started around $11.3 million but hard bids returned at roughly $15.7 million; after design reductions the construction number is estimated at $14.4 million. "When you're in the private sector and you do deals like this, you can either borrow more or you cut a larger equity check," Johnson said, adding that because On Broadway is a nonprofit it must raise additional philanthropic and grant funding.

Johnson walked the board through financing sources the project is relying on: a city facade grant of $500,000 (ARPA‑funded and received), a county award of $250,000, an application for the state non‑state‑owned facilities grant (the team applied for the $2,000,000 cap), expected new markets tax credit proceeds (projected cash equivalent of roughly $3,600,000), pledged private philanthropy (about $7,300,000 pledged with $1,600,000 received to date), and gap financing including a previously authorized bridge loan. Johnson explained that the city incentive is a TIF pay‑go mechanism capped at $2,080,000 over 25 years with a net present value of roughly $921,134.

Board members pressed on timing and risk. A board member asked when the state grant decision would arrive; Johnson said he had been told the decision would come in spring but could not guarantee a date. On Broadway representatives said they have contingency closing scenarios if the state award is smaller or delayed. After discussion a board member moved to approve the date amendments and related submittal deadlines; the motion carried on a voice vote (individual roll-call votes were not recorded in the transcript).

The amendment does not increase the city's incentive cap or request additional city funds; it primarily amends the schedule and requires the developer to deliver updated documents by May 2026 to trigger the state pass‑through loan disbursement. The RDA’s action authorizes staff to record the clarified submittal conditions in the amended development agreement.

The RDA will return to related implementation details as On Broadway submits the required financing and equity documentation. The board set no additional conditions beyond the amended dates and submittal requirements.