Construction continues on the former Old Fort Square building on Broadway to turn it into the Green Bay Public Market, August 30, 2024. PC: Fox 11 Online
GREEN BAY, WI (WTAQ-WLUK) – The Green Bay Public Market would receive $4.2 million in aid from the city, under a proposal the city’s Redevelopment Authority will review Tuesday.
Construction has started at the Public Market, 211 N. Broadway, with a target to open in spring. Earlier this year, backers said they had raised more than 60% of the $12.5 million needed. It is expected to feature at least 20 vendors. It promises year-round access to fresh produce and goods.
According to the agenda, the city would create a Tax Incremental District to help fund the project. In such districts, the funds generated by increased property values within it help pay for the improvements.
“The City anticipates making total expenditures of approximately $4.27 million (“Project Costs”) to undertake the projects listed in this Project Plan (“Plan”). Project Costs include an estimated $3.3 million in development incentives, of which $1 million would be provided to the Developer up front, with the balance paid annually from the tax increment generated by the Project on a pay as you go basis,” states a project summary prepared by Ehlers, a financial firm.
It also notes the expect benefit beyond the value of the project itself.
“In addition to the incremental property value that will be created, the City expects the Project will result in one million visits each year and generate $65 million of economic impact, primarily through increased visitor spending and extend stays,” the report states.
Behind the building could sit a proposed three-story parking structure that would add an additional 286 parking spots. Leaders are also contemplating adding apartment units to the top of the parking structure.
The RDA meets at 1:30 p.m. Tuesday in room 604 of City Hall, 100 N. Jefferson St.
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