Rendering of the proposed Green Bay Public Market (Image courtesy On Broadway)
GREEN BAY, WI (WTAQ-WLUK) — The Green Bay Public Market project won’t be receiving as much state money as it hoped as it continues to try to close a funding gap.
The effort to convert the Old Fort Square building on Broadway into the Green Bay Public Market has been on pause for several months. A plan project leaders laid out at the beginning of this year included resuming construction around this time, but it now appears a piece of that plan will be missing.
“We have a contingency plan,” said Brian Johnson, president of On Broadway, Inc. “Now, we just have to execute that contingency plan.”
In January, a financial picture presented to the city showed $21.7 million was pledged out of the $27.2 million needed to open the market. Officials’ plan to close that gap was to secure $2 million in new federal tax credits, $2 million from a state grant and $1.5 million in donations.
But newly-posted documents show the state is only recommending the project receive $168,700 of the $2 million On Broadway requested for the market.
“You have to look at what pieces of the project you can defer, where can you maybe reengineer things to make things less expensive?” said Johnson. “The reality is, we’ve done that already.”
Johnson said aspects of the project will likely need to be deferred or removed completely, but it isn’t always that easy.
“When you just cut $2 million, what happens is, your appraised value goes down,” said Johnson. “Now, you can’t borrow as much. Now, you don’t have as much in direct spend, so now, you don’t qualify for as much in New Market Tax Credits. So, that $2 million now turns into a different number. We don’t know what it is, because the domino effect is so complicated.”
This project has experienced a series of delays since it was first announced in early 2022. Leaders originally said the market would open in 2023. Then, the opening was pushed back to before the NFL Draft was in Green Bay last April. When that didn’t happen, the new goal was this year. In January, project leaders said the hope is opening by the end of 2027.
“We’re still a believer in it, from the city’s perspective,” said Green Bay Mayor Eric Genrich. “I think it’s something the community absolutely deserves, so we’re hoping they can still make it work.”
How confident is Johnson that the project will still open by the end of next year.
“Very confident,” said Johnson. “It’s going to happen. We’ve said that all along. We have the funding in place. We have the commitment letters for financing and some of those other things. It’s just what does the project look like.”
Officials have said the only government money received for the project so far is a $500,000 facade grant. $1.6 million in federal tax credits previously awarded to the project have expired and are being reapplied for.
Plans call for the market to include at least 20 vendors offering locally-sourced products, event space, indoor and outdoor seating space and a dedicated co-working space. Johnson has said a Discover Green Bay economic impact analysis found the market could have an annual economic impact of $65 million, would trigger $100 million in new development to the area and eventually attract one million visitors each year.
According to the Wisconsin Department of Administration, 257 applicants statewide requested more than $278 million in grants. However, only $50 million is available.
Along with the Public Market, three additional projects in the Green Bay area were recommended to receive over $2.2 million in funding. Final approval rests with the Wisconsin State Building Commission.
Brown County Library – New branch library in Ashwaubenon
- Total project cost: $9,024,700
- State grant requested: $940,000
- Recommended state award: $376,000
City of Green Bay – Green Bay Fire Station Flats Apartments
- Total project cost: $19,450,000
- State grant requested: $2 million
- Recommended state award: $1.2 million
Wello, Inc. – Cultivating Community: Advancing Economic Development and Sustainability Moving Wisconsin’s Food System Forward for the Future
- Total project cost: $1,563,000
- State grant requested: $781,500
- Recommended state award: $468,90
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