GREEN BAY (NBC26) — The city approves a new proposal to help develop the Green Bay Public Market.
- Video shows an updated look on construction for the Green Bay Public Market
- A proposal was approved by the Redevelopment Authority that would allow the Market to generate millions in tax credits that will be used for project costs.
- The approval now puts funding at an estimated $10 million. The goal amount is $12.5 million.
(The following is a transcription of the full broadcast story)
Erick Brundidge owns this small fashion business: "Life, love incorporated."
It's located across the street from where the Green Bay Public Market will be. His brand built to inspire others through fashion.
"Just be great, be phenomenal, be the best version of yourself you can be," Brundidge said.
The city expects the market to bring millions of customers each year, generating $65 million in economic impact across downtown and the city.
"In my mind, this is a challenge that we all can courageously attack and I think that we will all be very very satisfied with the end result because of the work we are all putting in," Brundidge said.
On Tuesday, the Redevelopment Authority approved a proposal to create a tax-incremental district (TID) solely for the market.
The proposal also states the project would include more than $3 million in incentives.
$1 million coming from a Wisconsin Trust Fund and little more than $2 million from project tax credits on a pay as you go basis, which would help pay off construction and other maintenance costs over 27 years.
"Many people believe in this, this will be a huge catalyst project," Garrit Bader, a board member for OnBroadway Inc., said. "The type (of projects) we have not seen downtown in several decades."
OnBroadway Inc. is the group behind the project.
He says Tuesday's approval pushes estimated funding to $10 million of their $12.5 million goal.
The funding proposal will now go to city council for approval. Bader hopes the market is able to open in spring of next year, ideally before the 2025 NFL Draft.
