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Green Bay staff outline three proposed TIF creations — board receives draft plans for TIDs 33, 34 and 35
Summary
City staff and financial consultant presented draft project plans for proposed TIDs 33 (Velp/Belp & Locust), 34 (Brook Park) and 35 (North Monroe); the board voted to receive and place each draft on file for further review, citing PAYGO incentives and projected new taxable value.
City of Green Bay staff and consultant Harry Ehlers presented draft project plans for three proposed tax incremental districts on July 14 and the Joint Review Board voted to receive and place each draft on file for later action.
For proposed TID 33 (Velp/Belp & Locust), staff described a roughly 34.3-acre blighted-area district with anticipated eligible project costs of about $2.46 million and projected new taxable value of about $12.2 million. Consultant Harry Ehlers said the city relied on a 2017 study to meet the blighted-area finding and recommended a 27-year district life. The PAYGO developer incentive described in the plan is structured as 90% of increment for four years, then 75% for four years, then 30% thereafter, capped at $2 million; on a standalone basis the project showed recovery in about 12 to 13 years. Board member Adam asked about how staff evaluates developer viability; staff said the application requires detailed pro formas and contractor estimates to demonstrate a financing gap and confirmed the proposed 90-unit project is market-rate workforce housing (roughly 80%–120% AMI).
Staff then introduced proposed TID 34 (Brook Park), a mixed-use district of about 123 acres intended to support roughly 155 residential units and related public infrastructure. Consultant Ehlers said about 52% of the area is suitable for mixed-use development as required by statute; the developers preliminary request included an $11.09 million PAYGO incentive (85% of increment until capped). Staff emphasized that no development agreement has been finalized and the financials shown are preliminary and subject to negotiation.
For proposed TID 35 (North Monroe), staff described a small blighted-area parcel for a three-phase multifamily/mixed-use development by 316 Real Estate Solutions that would include 168 multifamily units, 28 townhomes and about 4,500 square feet of commercial space. The PAYGO incentive for TID 35 was described as capped at $6.3 million and tied to 85% of the tax increment generated annually; consultant analysis projected the district would cash flow and close earlier than its statutory term.
In each case the boards action was to receive and place the draft project plans on file as initial review; final creation resolutions and development agreements will return to the board after RDA and council actions.
