CREATED Nov. 12, 2013
GREEN BAY, WI- A financial boost for historic redevelopment in downtown Green Bay. Lawmakers passing a measure to raise historical tax credits from ten to twenty percent causing several key projects in the heart of Titletown to move forward.
This measure closes the gap on projects like Hotel Northland and Titletown Brewing expansion. Two projects that could have been delayed without this tax credit.
Titletown looking to expand into the old Larsen Canning Building costing five and a half million dollars.
"There are a lot of challenges up front with going into an old building an rehabbing it," says Titletown Brewing Co. President Brent Weycker.
Hotel Northland costing about 35 million dollars. Developers anxiously awaiting lawmakers' decision on historic tax credits. Without approval it could have delayed these historic redevelopments for months.
"I think we still would have figured it out, but it may have taken a lot more time. Certainly would have cost the city a lot more money," says Mike Frantz with Frantz-Hobart Community Investors.
Tax credits will save the city around five million dollars for the Northland. Also making projects like the new YMCA apartments more feasible.
"Those are all projects that are older buildings that are expensive buildings to retool and this tax credit is going to help them immensely," says Mayor Jim Schmitt.
Developers with Hotel Northland now expect to begin construction next month. Governor Walker is expected to sign the bill into law later this week.