Tax Incremental Districts Joint Review Board

AGENDA OF THE TAX INCREMENTAL DISTRICTS JOINT REVIEW BOARD TUESDAY, OCTOBER 1, 2024, 10:30 AM City Hall, Room 604 - The Harry Maier Room. Virtual attendance is also available via Zoom. A. Zoom Meeting Information. 1. Join Zoom Meeting Online: https://us02web.zoom.us/j/83043627118?pwd=9M4kK6OvrDF6wFAEL3n3QDoJJPqLnW.1 Or call in by phone: +1 312 626 6799 Meeting ID: 830 4362 7118 Passcode: 528512 If you wish to speak at this public meeting or leave a comment, please fill out the online Comment Form prior to the meeting. More detailed Zoom Instructions can be found online. B. Roll Call. 1. Members: Diana Ellenbecker, City of Green Bay; Cole Runge, Brown County; Cale Pulczinski, Green Bay Area Public School District; Adam Pfost, Northeast Wisconsin Technical College; Brent Weycker, Citizen Member. C. Approval of the Agenda. 1. Approval of the agenda for the October 1, 2024 meeting of the Tax Incremental Districts Joint Review Board. D. Approval of Minutes. 1. Approval of the minutes from the September 3, 2024 meeting. E. Regular Business. 1. Consideration with possible action to review the public record, planning documents and resolutions passed by the Redevelopment Authority and Common Council and adopt a Agenda of the Tax Incremental Districts Joint Review Board October 1, 2024 Page 1  Resolution Approving the Creation of Tax Incremental District Twenty-Nine (TID #29). F. Informational. G. Adjournment. 1) THIS MEETING IS RECORDED: THE VIDEO OF THIS MEETING AND MINUTES ARE AVAILABLE ONLINE AT www.greenbaywi.gov 2) ACCESSIBILITY: Any person wishing to attend who requires special accommodation because of a disability, should contact the City Safety Manager at 920-448-3125 at least 48 hours before the scheduled meeting time so that arrangements can be made. 3) QUORUM: Please take notice that a majority or quorum of the Common Council will attend this Tax Incremental Districts Joint Review Board meeting and will constitute a meeting of the Common Council for purposes of discussion and information gathering relative to this agenda. 4) REPRESENTATION: The party requesting the communication, or their representative, should be present at this meeting. Agenda of the Tax Incremental Districts Joint Review Board October 1, 2024 Page 2  MINUTES OF THE TAX INCREMENTAL DISTRICTS JOINT REVIEW BOARD TUESDAY, SEPTEMBER 3, 2024, 10:30 AM City Hall, Room 604 - The Harry Maier Room. Virtual attendance is also available via Zoom. A. ZOOM MEETING INFORMATION. 1. Join Zoom Meeting Online: https://us02web.zoom.us/j/83043627118?pwd=9M4kK6OvrDF6wFAEL3n3QDoJJPqLnW.1 Or call in by phone: +1 312 626 6799 Meeting ID: 830 4362 7118 Passcode: 528512 If you wish to speak at this public meeting or leave a comment, please fill out the online Comment Form prior to the meeting. More detailed Zoom Instructions can be found online. B. ROLL CALL. 1. Members: Diana Ellenbecker, City of Green Bay; Cole Runge, Brown County; Cale Pulczinski, Green Bay Area Public School District; Adam Pfost, Northeast Wisconsin Technical College; Brent Weycker, Citizen Member. Present: Diana Ellenbecker, Cole Runge, Cale Pulczinski, Adam Pfost Excused: Brent Weycker C. APPROVAL OF THE AGENDA. 1. Approval of the agenda for the September 3, 2024, meeting of the Tax Incremental Districts Joint Review Board. Moved by Cole Runge, seconded by Cale Pulczinski to approve the agenda. Motion Passed. Yes- Diana Ellenbecker, Cole Runge, Cale Pulczinski, Adam Pfost, No- None, Abstain- None. D. APPROVAL OF MINUTES. 1. Approval of the minutes from the August 12, 2024, meeting. Moved by Cale Pulczinski, seconded by Cole Runge to approve the minutes. Motion Passed. Yes- Diana Ellenbecker, Cole Runge, Cale Pulczinski, Adam Pfost, No- None, Abstain- None. E. REGULAR BUSINESS. 1. Consideration with possible action to review the public record, planning documents and resolutions passed by the Redevelopment Authority and Common Council and adopt a Resolution Approving the Creation of Tax Incremental District Twenty-Six (TID #26). Moved by Cale Pulczinski, seconded by Finance Director Diana Ellenbecker to approve the resolution for the creation of Tax Incremental District Twenty-Six (TID #26). Motion Passed. Yes- Diana Ellenbecker, Cole Runge, Cale Pulczinski, Adam Pfost, No- None, Abstain- None. 2. Consideration with possible action to review the public record, planning documents and resolutions passed by the Redevelopment Authority and Common Council and adopt a Resolution Approving the Creation of Tax Incremental District Twenty-Seven (TID #27). Moved by Cole Runge, seconded by Finance Director Diana Ellenbecker to approve the resolution for the creation of Tax Incremental District Twenty-Seven (TID #27). Motion Passed. Yes- Diana Ellenbecker, Cole Runge, Cale Pulczinski, Adam Pfost, No- None, Abstain- None. 3. Consideration with possible action to review the public record, planning documents and resolutions passed by the Redevelopment Authority and Common Council and adopt a Resolution Approving the Creation of Tax Incremental District Twenty-Eight (TID #28). Moved by Adam Pfost, seconded by Finance Director Diana Ellenbecker to approve the resolution for the creation of Tax Incremental District Twenty-Eight (TID#28). Motion Passed. Yes- Diana Ellenbecker, Cole Runge, Cale Pulczinski, Adam Pfost, No- None, Abstain- None. 4. Review and discuss draft Project Plan for Tax Incremental District Twenty-Nine (TID #29).  Moved by Cole Runge, seconded by Finance Director Diana Ellenbecker to receive and place on file the draft Project Plan for Tax Incremental District Twenty-Nine (TID #29). Motion Passed. Yes- Diana Ellenbecker, Cole Runge, Cale Pulczinski, Adam Pfost, No- None, Abstain- None. F. INFORMATIONAL. 1. Set next meeting date to consider approval of Tax Incremental District Twenty-Nine (TID #29). The next meeting of the Tax Incremental District Joint Review Board will be held October 1, 2024 at 10:30 a.m. G. ADJOURNMENT. Moved by Cale Pulczinski, seconded by Cole Runge to adjourn. Motion Passed. Yes- Diana Ellenbecker, Cole Runge, Cale Pulczinski, Adam Pfost, No- None, Abstain- None.  Report to the Tax Incremental Districts Joint Review Board of the City of Green Bay MEETING DATE PREPARED BY October 1, 2024 Rebecca Finco, Staff AGENDA ITEM # E.1 Consideration with possible action to review the public record, planning documents and resolutions passed by the Redevelopment Authority and Common Council and adopt a Resolution Approving the Creation of Tax Incremental District Twenty-Nine (TID #29). BACKGROUND In accordance with the Comprehensive Plan, the City of Green Bay (“City”) and Redevelopment Authority of the City of Green Bay (“RDA”) seek to create a more safe, productive, accessible, and innovative community in order to generate economic activity and tax base. The City and RDA have concluded that the property at 211 North Broadway is not attaining its highest and best land use based on the Comprehensive Plan. But for the creation of a Tax Increment District (“TID”), the future land use identified in the Comprehensive Plan would not occur in the manner desired by the City and RDA. Therefore, the attached draft Project Plan and resolution establishing TID 29 are presented for consideration by the Tax Incremental Districts Joint Review Board. RECOMMENDATION Recommend adoption of a Resolution Approving the Creation of Tax Incremental District Twenty-Nine (TID #29). FISCAL IMPACT The parcel proposed to be located in TID 29 currently has a cumulative base property value of $2,470,600.00. The City estimates that upon closure in 2050, TID 29 will have a new property value of $7,000,000.00, for an incremental property value of $4,529,400.00. ATTACHMENTS 1. TID 29.Project Plan.Final 2. RDA Resolution TID 29 - 09.03.24 3. CC Resolution TID 29 - 09.17.24 4. JRB Resolution 100 North Jefferson Street, Green Bay, Wisconsin 54301-5026 greenbaywi.gov October 1, 2024 PROJECT PLAN City of Green Bay, Wisconsin Tax Incremental District No. 29 Green Bay Public Market Prepared by: Ehlers N19W24400 Riverwood Drive, Suite 100 Waukesha, WI 53188 BUILDING COMMUNITIES. IT’S WHAT WE DO.  KEY DATES Organizational Joint Review Board Meeting Held: September 3, 2024 Public Hearing Held: September 3, 2024 Approval by Redevelopment Authority: September 3, 2024 Adoption by Common Council: September 17, 2024 Approval by the Joint Review Board: October 1, 2024 TABLE OF CONTENTS Executive Summary ....................................................................................................................................2 Preliminary Maps of Proposed District Boundary ........................................................................5 Maps Showing Existing Uses and Conditions ................................................................................ 8 Preliminary Parcel List and Analysis .................................................................................................. 11 Equalized Value Test ................................................................................................................................ 12 Statement Listing the Kind, Number and Location of All Proposed Public Works or Improvements Within the District ..................................................................................................... 13 Map Showing Proposed Improvements and Uses ...................................................................... 15 Detailed List of Estimated Project Costs ........................................................................................ 17 Economic Feasibility Study, Description of the Methods of Financing Estimated Project Costs and the Time When Related Costs or Monetary Obligations are to be Incurred .......................................................................................................................................................... 18 Annexed Property..................................................................................................................................... 23 Estimate of Property to Be Devoted to Retail Business ........................................................ 23 Proposed Changes of Zoning Ordinances, Master Plan, Map, Building Codes and City Ordinances ......................................................................................................................................... 23 Statement of the Proposed Method for the Relocation of any Persons to be Displaced ...................................................................................................................................................... 24 How Creation of the Tax Incremental District Promotes the Orderly Development of the City ..................................................................................................................................................... 24 List of Estimated Non-Project Costs................................................................................................ 25 Legal Opinion Advising Whether the Plan is Complete and Complies with Wis. Stat. § 66.1105(4)(f)............................................................................................................................................ 26 Calculation of the Share of Projected Tax Increments Estimated to be Paid by the Owners of Property in the Overlying Taxing Jurisdictions ................................................... 28 Tax Incremental District No. 29 Project Plan City of Green Bay Prepared by Ehlers Page | 1 SECTION 1: Executive Summary DESCRIPTION OF DISTRICT Tax Incremental District (“TID”) No. 29 (“District”) is a proposed In Need of Rehabilitation or Conservation District that will consist of a single 0.65-acre tax parcel located at 211 North Broadway, the Old Fort Square office building, which is being redeveloped as the Green Bay Public Market by On Broadway, Inc, the market’s nonprofit developer and operator (“Developer”). The District will be created to pay the costs of development incentives needed to support redevelopment of the site (“Project”). 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. AUTHORITY The City is creating the District under the provisions of Wis. Stat. § 66.1105. ESTIMATED TOTAL PROJECT COST EXPENDITURES 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. Incentives noted in this Plan, to include final amounts, terms and conditions, are preliminary, subject to approval by the City of a development agreement. Other costs include an estimated $747,000 in interest expense on the up-front portion of the incentive which the City would need to finance, and $226,000 in costs related to creation and administration of the District over its life. The Developer will be required to pay the City’s debt service payments for the up-front portion of the development incentive, to include associated interest expense. Total Project Costs, net of these payments, are expected to be $2.53 million. INCREMENTAL VALUATION The City projects that new land and improvements value of approximately $4.8 million will result from the Project. Creation of this additional value will be made possible by the Project Costs made within the District. A table of assumptions as to the development timing and associated values is included in the Economic Feasibility Study located within this Plan. Tax Incremental District No. 29 Project Plan City of Green Bay Prepared by Ehlers Page | 2 EXPECTED TERMINATION OF DISTRICT Based on the Economic Feasibility Study located within Section 9 of this Plan, the City anticipates that the District will need to remain open for its entire 27- year life to recover all Project Costs. SUMMARY OF FINDINGS As required by Wis. Stat. § 66.1105, and as documented in this Plan and the exhibits contained and referenced herein, the following findings are made: 1. That “but for” the creation of this District, the development projected to occur as detailed in this Plan: 1) would not occur; or 2) would not occur in the manner, at the values, or within the timeframe desired by the City. In reaching this determination, the City has considered the Project’s sources and uses which include a gap even after provision of the development incentives included in this Plan. Those incentives, along with other public entity contributions, private market support and New Market Tax Credits will fund approximately 75% of the total redevelopment project cost. Based on current available funding, and the nature of the Project, which is being undertaken by a non-profit entity, the City has determined that the Project cannot continue without the provision of development incentives. 2. The economic benefits of the District, as measured by increased employment, business and personal income, and property value, are sufficient to compensate for the cost of the improvements. In making this determination, the City has considered that the Project is expected to result in one million visits each year and generate $65 million of economic impact, primarily through increased visitor spending and extend stays. 3. The benefits of the proposal outweigh the anticipated tax increments to be paid by the owners of property in the overlying taxing jurisdictions. As required by Wis. Stat. § 66.1105(4)(i)4., a calculation of the share of projected tax increments estimated to be paid by the owners of property in the overlying taxing jurisdictions has been prepared and can be found in this Plan. However, because the Project would not occur without the use of tax incremental financing, these tax increments would not be paid but for creation of the District. Accordingly, the City finds that the benefits expected to be realized as set forth in this Plan outweigh the value of the tax increments to be invested in the Project. 4. Not less than 50% by area of the real property within the District is in need of rehabilitation or conservation work as defined by Wis. Stat. § 66.1337(2m)(a). Tax Incremental District No. 29 Project Plan City of Green Bay Prepared by Ehlers Page | 3 5. Based on the foregoing finding, the District is designated as a district in need of rehabilitation or conservation. 6. The Project Costs relate directly to the rehabilitation or conservation of property and improvements in the District, consistent with the purpose for which the District is created. 7. Improvements to be made in the District are likely to significantly enhance the value of substantially all of the other real property in the District. 8. The equalized value of taxable property in the District, plus the incremental value of all existing tax incremental districts within the City does not exceed 12% of the total equalized value of taxable property within the City. 9. The City estimates that 100% of the territory within the District will be devoted to retail business at the end of the District’s maximum expenditure period, pursuant to Wis. Stat. § 66.1105(5)(b). 10. That there are no parcels to be included within the District that were annexed by the City within the preceding three-year period. 11. The Plan for the District is feasible and is in conformity with the Master Plan of the City. Tax Incremental District No. 29 Project Plan City of Green Bay Prepared by Ehlers Page | 4 SECTION 2: Preliminary Maps of Proposed District Boundary Maps Start on Following Page. Tax Incremental District No. 29 Project Plan City of Green Bay Prepared by Ehlers Page | 5 Tax Incremental District No. 29 Project Plan City of Green Bay Prepared by Ehlers Page | 6 Tax Incremental District No. 29 Project Plan City of Green Bay Prepared by Ehlers Page | 7 SECTION 3: Maps Showing Existing Uses and Conditions Maps Begin on Following Page. Tax Incremental District No. 29 Project Plan City of Green Bay Prepared by Ehlers Page | 8 Tax Incremental District No. 29 Project Plan City of Green Bay Prepared by Ehlers Page | 9 Tax Incremental District No. 29 Project Plan City of Green Bay Prepared by Ehlers Page | 10 SECTION 4: Preliminary Parcel List and Analysis The District will consist of a single tax parcel: Parcel No. 4-71 Address 211 North Broadway Owner On Broadway, Inc. Acres 0.65 Acres In Need of Rehabilitation or Conservation 0.65 (100%) Existing TID TID No. 5 “Rehabilitation or conservation work” will be undertaken on the site, to include rehabilitation and renovation of the building located on the parcel. Originally constructed in 1981 as commercial office space, this renovation for use as a public market reflects “carrying out plans for a program of voluntary or compulsory repair and rehabilitation of buildings or other improvements.” The entirety of the District is therefore in need of rehabilitation or conservation. The District’s estimated base value is identified on the table below. Assessed Value (January 1, 2023) Land $ 258,800 Improvements $ 1,936,800 Total $ 2,195,600 Assessment Ratio (January 1, 2023) 88.87% Estimated Equalized Base Value $ 2,470,600 Tax Incremental District No. 29 Project Plan City of Green Bay Prepared by Ehlers Page | 11 SECTION 5: Equalized Value Test The following calculations demonstrate that the City expects to be in compliance with Wis. Stat. § 66.1105(4)(gm)4.c., which requires that the equalized value of the taxable property in the proposed District, plus the value increment of all existing tax incremental districts, does not exceed 12% of the total equalized value of taxable property within the City. Since the parcel that will be the District is in Tax Incremental District No. 5, for purposes of this test the base value is zero since that value is reflected within the total of existing incremental value. The equalized value of the increment of existing tax incremental districts within the City totals $771,458,500. This value is less than the maximum of $1,300,081,188 in equalized value that is permitted for the City. City of Green Bay, Wisconsin Tax Increment District No. 29 Valuation Test Compliance Calculation Calculation of City Equalized Value Limit City TID IN Equalized Value (Jan. 1, 2024) $ 10,834,009,900 TID Valuation Limit @ 12% of Above Value $ 1,300,081,188 Calculation of Value Subject to Limit Estimated Base Value of Territory to be Included in District $ 2,470,600 Incremental Value of Existing Districts (Jan. 1, 2024) $ 771,458,500 Less: Value of Underlying TID Parcels $ (2,470,600) Total Value Subject to 12% Valuation Limit $ 771,458,500 Total Percentage of TID IN Equalized Value 7.12% Residual Value Capacity of TID IN Equalized Value $ 528,622,688 Tax Incremental District No. 29 Project Plan City of Green Bay Prepared by Ehlers Page | 12 SECTION 6: Statement Listing the Kind, Number and Location of All Proposed Public Works or Improvements Within the District Project Costs are any expenditure made, estimated to be made, or monetary obligations incurred or estimated to be incurred as outlined in this Plan. Project Costs will be diminished by any income, special assessments or other revenues, including user fees or charges, other than tax increments, received or reasonably expected to be received in connection with the implementation of the Plan. If Project Costs incurred benefit territory outside the District, a proportionate share of the cost is not a Project Cost. Costs identified in this Plan are preliminary estimates made prior to design considerations and are subject to change after planning, design and construction is completed. With all Project Costs, the costs of engineering, design, survey, inspection, materials, construction, restoring property to its original condition, apparatus necessary for public works, legal and other consultant fees, testing, environmental studies, permits, updating City ordinances and plans, judgments or claims for damages and other expenses are included as Project Costs. The following is a list of public works and other tax incremental financing eligible Project Costs that the City expects to make, or may need to make, in conjunction with the implementation of the District’s Plan. The map found in Section 7 of this Plan along with the Detailed List of Project Costs found in Section 8 provide additional information as to the kind, number and location of potential Project Costs. Community Development Cash Grants (Development Incentives) The City may enter into agreements with property owners, lessees, or developers of land located within the District for sharing costs to encourage the desired kind of improvements and assure tax base is generated sufficient to recover Project Costs. No cash grants will be provided until the City executes a developer agreement with the recipient of the cash grant. Any payments of cash grants made by the City are eligible Project Costs. Tax Incremental District No. 29 Project Plan City of Green Bay Prepared by Ehlers Page | 13 Miscellaneous Professional Service and Organizational Costs The costs of professional services rendered, and other costs incurred, in relation to the creation, administration and termination of the District, and the undertaking of the projects contained within this Plan, are eligible Project Costs. Professional services include but are not limited to: architectural; environmental; planning; engineering; legal; audit; financial; and the costs of informing the public with respect to the creation of the District and the implementation of the Plan. Administrative Costs The City may charge to the District as eligible Project Costs reasonable allocations of administrative costs, including, but not limited to, employee salaries. Costs allocated will bear a direct connection to the time spent by City employees relating to the implementation of the Plan. Financing Costs Interest expense, debt issuance expenses, redemption premiums, and any other fees and costs incurred in conjunction with obtaining financing for projects undertaken under this Plan are eligible Project Costs. Tax Incremental District No. 29 Project Plan City of Green Bay Prepared by Ehlers Page | 14 SECTION 7: Map Showing Proposed Improvements and Uses Map Found on Following Page. Tax Incremental District No. 29 Project Plan City of Green Bay Prepared by Ehlers Page | 15 Tax Incremental District No. 29 Project Plan City of Green Bay Prepared by Ehlers Page | 16 SECTION 8: Detailed List of Estimated Project Costs The following list identifies the Project Costs that the City currently expects to incur in implementing the District’s Plan. All projects identified and related costs reflect the best estimates available as of the date of preparation of this Plan. All costs are preliminary estimates and may increase or decrease. Certain Project Costs listed may become unnecessary, and other Project Costs not currently identified may need to be made. (Section 6 details the general categories of eligible Project Costs). Changes in Project Cost totals or the types of Project Costs to be incurred will not require that this Plan be amended. This Plan is not meant to be a budget nor an appropriation of funds for specific Project Costs, but a framework within which to manage Project Costs. City of Green Bay, Wisconsin Tax Increment District No. 29 Detailed List of Estimated Project Costs Project ID Project Name/Type Totals Est. Timing 1 Development Incentives - Upfront1 1,000,000 2024 2 Development Incentives - Pay as You Go 2,302,674 2026 -2052 3 Interest on Long Term Debt1 746,891 2026 - 2044 4 Ongoing Planning & Administrative Costs 226,094 2024 - 2052 Total Projects 4,275,659 Notes: 1 The Developer will be required to pay the City's debt service payment for the upfront portion of the 1development incentive to include associated interest expense. Tax Incremental District No. 29 Project Plan City of Green Bay Prepared by Ehlers Page | 17 SECTION 9: Economic Feasibility Study, Description of the Methods of Financing Estimated Project Costs and the Time When Related Costs or Monetary Obligations are to be Incurred This Section includes a forecast of the valuation increases expected within the District, the associated tax increment collections, a summary of how Project Costs would be financed, and a projected cash flow demonstrating that the District is economically feasible. Key Assumptions The Project Costs the City plans to make are expected to create $4.5 million in incremental value by January 1, 2026. Estimated valuations and timing for construction of the Project are included in Table 1. Assuming the City’s current equalized TID Interim tax rate of $18.70 per thousand of equalized value, and assumed annual economic appreciation of 1%, the Project would generate $2.52 million in incremental tax revenue over the 27-year term of the District as shown in Table 2. Tax Incremental District No. 29 Project Plan City of Green Bay Prepared by Ehlers Page | 18  City of Green Bay, Wisconsin Tax Increment District No. 29 Development Assumptions Construction Construction Actual Public Market1 Annual Total Year Year 1 2024 1,132,350 1,132,350 2024 1 2 2025 3,397,050 3,397,050 2025 2 3 2026 0 2026 3 4 2027 0 2027 4 5 2028 0 2028 5 6 2029 0 2029 6 7 2030 0 2030 7 8 2031 0 2031 8 9 2032 0 2032 9 10 2033 0 2033 10 11 2034 0 2034 11 12 2035 0 2035 12 13 2036 0 2036 13 14 2037 0 2037 14 15 2038 0 2038 15 16 2039 0 2039 16 17 2040 0 2040 17 18 2041 0 2041 18 19 2042 0 2042 19 20 2043 0 2043 20 21 2044 0 2044 21 22 2045 0 2045 22 23 2046 0 2046 23 24 2047 0 2047 24 25 2048 0 2048 25 26 2049 0 2049 26 27 2050 0 2050 27 Totals 0 4,529,400 4,529,400 Notes: 1 Incremental value estimate per City Assessor letter dated January 24, 2024. Table 1 – Development Assumptions Tax Incremental District No. 29 Project Plan City of Green Bay Prepared by Ehlers Page | 19  City of Green Bay, Wisconsin Tax Increment District No. 29 Tax Increment Projection Worksheet Type of District Rehabilitation Base Value 2,470,600 District Creation Date September 17, 2024 Economic Change Factor 1.00% Valuation Date Jan 1, 2024 Apply to Base Value Max Life (Years) 27 Base Tax Rate $18.70 Expenditure Period/Termination 22 9/17/2046 Rate Adjustment Factor 0.00% Revenue Periods/Final Year 27 2052 Extension Eligibility/Years Yes 3 Eligible Recipient District Yes Construction Economic Total 1 Year Value Added Valuation Year Change Increment Revenue Year Tax Rate Tax Increment 1 2024 1,132,350 2025 0 1,132,350 2026 $18.70 21,179 2 2025 3,397,050 2026 11,324 4,540,724 2027 $18.70 84,929 3 2026 0 2027 45,407 4,586,131 2028 $18.70 85,779 4 2027 0 2028 45,861 4,631,992 2029 $18.70 86,636 5 2028 0 2029 46,320 4,678,312 2030 $18.70 87,503 6 2029 0 2030 46,783 4,725,095 2031 $18.70 88,378 7 2030 0 2031 47,251 4,772,346 2032 $18.70 89,261 8 2031 0 2032 47,723 4,820,069 2033 $18.70 90,154 9 2032 0 2033 48,201 4,868,270 2034 $18.70 91,056 10 2033 0 2034 48,683 4,916,953 2035 $18.70 91,966 11 2034 0 2035 49,170 4,966,122 2036 $18.70 92,886 12 2035 0 2036 49,661 5,015,784 2037 $18.70 93,815 13 2036 0 2037 50,158 5,065,941 2038 $18.70 94,753 14 2037 0 2038 50,659 5,116,601 2039 $18.70 95,700 15 2038 0 2039 51,166 5,167,767 2040 $18.70 96,657 16 2039 0 2040 51,678 5,219,445 2041 $18.70 97,624 17 2040 0 2041 52,194 5,271,639 2042 $18.70 98,600 18 2041 0 2042 52,716 5,324,355 2043 $18.70 99,586 19 2042 0 2043 53,244 5,377,599 2044 $18.70 100,582 20 2043 0 2044 53,776 5,431,375 2045 $18.70 101,588 21 2044 0 2045 54,314 5,485,689 2046 $18.70 102,604 22 2045 0 2046 54,857 5,540,546 2047 $18.70 103,630 23 2046 0 2047 55,405 5,595,951 2048 $18.70 104,666 24 2047 0 2048 55,960 5,651,911 2049 $18.70 105,713 25 2048 0 2049 56,519 5,708,430 2050 $18.70 106,770 26 2049 0 2050 57,084 5,765,514 2051 $18.70 107,838 27 2050 0 2051 57,655 5,823,169 2052 $18.70 108,916 Totals 4,529,400 1,293,769 Future Value of Increment 2,528,769 Notes: 1 Tax rate shown is actual 2023/2024 rate per DOR Form PC-202 (Tax Increment Collection Worksheet). Table 2 – Tax Increment Projection Worksheet Tax Incremental District No. 29 Project Plan City of Green Bay Prepared by Ehlers Page | 20 Financing and Implementation The District’s principal cost is payment of development incentives to assist the Project. The Developer has requested $1 million in up front incentives, which if approved by the City, would expected to be financed with proceeds from a State Trust Fund Loan. The anticipated development agreement will require the Developer to make payments to the City on an annual basis equal to the principal and interest due on the City’s loan. The Developer has also requested additional “pay as you go” incentive payments on an annual basis from the tax increment generated by the Project. If approved by the City, payments will be equal to the total tax increment collected less any City direct costs related to the creation and ongoing administration of the District. The City will also use tax increment to make its loan payments if the Developer fails to make timely payment to the City of amounts due. Incentive payments will be subject to annual appropriation and are limited strictly to the tax increment generated by the Project, subject to the terms and conditions of the development agreement that will be entered into. Based on the Project Cost expenditures as included within the cash flow exhibit (Table 3), the District is expected to require use of its entire 27-year maximum life to pay all Project cost liabilities and obligations. The projected closure is based on the various assumptions noted in this Plan and will vary dependent on actual Project Costs incurred and the actual amount of tax increments collected. Tax Incremental District No. 29 Project Plan City of Green Bay Prepared by Ehlers Page | 21  City of Green Bay, Wisconsin Tax Increment District No. 29 Cash Flow Projection Projected Revenues Projected Expenditures Balances State Trust Fund Loan Development Incentives Developer $1,000,000 Ongoing Tax Loan Proceeds of LT Total Dated Date: 10/01/24 Planning & Total Liabilities Year Increments Repayment1 Debt Revenues Prin (3/15) Est. Rate2 Interest Total PAYGO Upfront Administration Expenditures Annual Cumulative Outstanding Year 2024 0 0 5,000 5,000 (5,000) (5,000) 1,000,000 2024 2025 1,000,000 1,000,000 0 1,000,000 5,150 1,005,150 (5,150) (10,150) 3,302,674 2025 2026 21,179 91,942 113,121 4,818 6.000% 87,123 91,942 5,725 5,305 102,971 10,150 0 3,292,131 2026 2027 84,929 91,942 176,871 32,231 6.000% 59,711 91,942 79,466 5,464 176,871 0 0 3,180,435 2027 2028 85,779 91,942 177,720 34,006 6.000% 57,935 91,942 80,151 5,628 177,720 0 0 3,066,278 2028 2029 86,636 91,942 178,578 36,205 6.000% 55,737 91,942 80,840 5,796 178,578 0 0 2,949,233 2029 2030 87,503 91,942 179,444 38,377 6.000% 53,564 91,942 81,532 5,970 179,444 0 0 2,829,323 2030 2031 88,378 91,942 180,319 40,680 6.000% 51,262 91,942 82,228 6,149 180,319 0 0 2,706,415 2031 2032 89,261 91,942 181,203 42,987 6.000% 48,955 91,942 82,928 6,334 181,203 0 0 2,580,500 2032 2033 90,154 91,942 182,096 45,700 6.000% 46,242 91,942 83,630 6,524 182,096 0 0 2,451,170 2033 2034 91,056 91,942 182,997 48,442 6.000% 43,500 91,942 84,336 6,720 182,997 0 0 2,318,392 2034 2035 91,966 91,942 183,908 51,348 6.000% 40,593 91,942 85,045 6,921 183,908 0 0 2,181,999 2035 2036 92,886 91,942 184,827 54,327 6.000% 37,615 91,942 85,757 7,129 184,827 0 0 2,041,915 2036 2037 93,815 91,942 185,756 57,689 6.000% 34,253 91,942 86,472 7,343 185,756 0 0 1,897,754 2037 2038 94,753 91,942 186,694 61,150 6.000% 30,791 91,942 87,190 7,563 186,694 0 0 1,749,414 2038 2039 95,700 91,942 187,642 64,819 6.000% 27,122 91,942 87,911 7,790 187,642 0 0 1,596,685 2039 2040 96,657 91,942 188,599 68,645 6.000% 23,297 91,942 88,634 8,024 188,599 0 0 1,439,406 2040 2041 97,624 91,942 189,566 72,827 6.000% 19,115 91,942 89,360 8,264 189,566 0 0 1,277,219 2041 2042 98,600 91,942 190,542 77,197 6.000% 14,745 91,942 90,088 8,512 190,542 0 0 1,109,935 2042 2043 99,586 91,942 191,528 81,828 6.000% 10,113 91,942 90,819 8,768 191,528 0 0 937,287 2043 2044 100,582 91,942 192,524 86,724 6.000% 5,218 91,942 91,552 9,031 192,524 0 0 759,012 2044 2045 101,588 101,588 0 92,286 9,301 101,588 (0) (0) 666,726 2045 2046 102,604 102,604 0 93,023 9,581 102,604 0 (0) 573,702 2046 2047 103,630 103,630 0 93,762 9,868 103,630 0 (0) 479,940 2047 2048 104,666 104,666 0 94,502 10,164 104,666 0 (0) 385,438 2048 2049 105,713 105,713 0 95,244 10,469 105,713 0 (0) 290,194 2049 2050 106,770 106,770 0 95,987 10,783 106,770 (0) (0) 194,207 2050 2051 107,838 107,838 0 96,731 11,106 107,838 0 (0) 97,476 2051 2052 108,916 108,916 0 97,476 11,440 108,916 0 (0) (0) 2052 Totals 2,528,769 1,746,891 1,000,000 5,275,659 1,000,000 746,891 1,746,891 2,302,674 1,000,000 226,094 5,275,659 Totals Notes: PROJECTED CLOSURE YEAR 1 Developer loan repayments to be equal to the City's actual debt service payments on its financing for the $1 million up front portion of the development incentive. 2 Estimated interest rate is published BCPL loan rate as of 7-25-2024 for loans of 11-20 years in term. LEGEND: END OF EXP. PERIOD Table 3 – Cash Flow Tax Incremental District No. 29 Project Plan City of Green Bay Prepared by Ehlers Page | 22 SECTION 10: Annexed Property A tax incremental district cannot include annexed territory unless at least three years have elapsed since the annexation, or certain other requirements are met. None of the property within the proposed District boundary was annexed during the past three years. SECTION 11: Estimate of Property to Be Devoted to Retail Business Pursuant to Wis. Stat. § 66.1105(5)(b), the City estimates that 100% of the territory within the District will be devoted to retail business at the end of the District’s maximum expenditure period. SECTION 12: Proposed Changes of Zoning Ordinances, Master Plan, Map, Building Codes and City Ordinances Zoning Ordinances The proposed Plan is in general conformance with the City’s current zoning ordinances. Individual properties may require rezoning at the time of development. Master (Comprehensive) Plan and Map The proposed Plan is in general conformance with the City’s Comprehensive Plan identifying the area as appropriate for downtown development. Building Codes and Ordinances Development within the District will be required to conform to State Building Codes and will be subject to the City's permitting and inspection procedures. The proposed Plan conforms to all relevant State and local ordinances, plans, and codes. No changes to the existing regulations are proposed or needed. Tax Incremental District No. 29 Project Plan City of Green Bay Prepared by Ehlers Page | 23 SECTION 13: Statement of the Proposed Method for the Relocation of any Persons to be Displaced Should implementation of this Plan require relocation of individuals or business operations, relocations will be handled in compliance with Wis. Stat. Chapter 32 and Wis. Admin. Code ADM 92. SECTION 14: How Creation of the Tax Incremental District Promotes the Orderly Development of the City Creation of the District and the implementation of the projects in its Plan will promote the orderly development of the City by rehabilitating and conserving property and providing appropriate financial incentives for a non-profit redevelopment project. Through use of tax increment financing, the City can attract new investment that results in increased tax base. Development will occur in an orderly fashion in accordance with approved plans so that the Projects will be compatible with adjacent land uses. Development of new uses in the District will add to the tax base and will generate positive secondary impacts in the community such as increased employment opportunities and a projected one million visits each year, generating $65 million of economic impact, primarily through increased visitor spending and extend stays. Tax Incremental District No. 29 Project Plan City of Green Bay Prepared by Ehlers Page | 24 SECTION 15: List of Estimated Non-Project Costs Non-project costs are public works projects which only partly benefit the District. Costs incurred that do not benefit the District may not be paid with tax increments. Examples of non-project costs are: • A public improvement made within the District that also benefits property outside the District. That portion of the total Project Costs allocable to properties outside of the District would be a non-project cost. • A public improvement made outside the District that only partially benefits property within the District. That portion of the total Project Costs allocable to properties outside of the District would be a non- project cost. • Projects undertaken within the District as part of the implementation of this Project Plan, the costs of which are paid fully or in part by impact fees, grants, special assessments, or revenues other than tax increments. No improvements to be made within the District will benefit property outside the District. Furthermore, there will be no improvements made outside the District that will only partially benefit the District. Tax Incremental District No. 29 Project Plan City of Green Bay Prepared by Ehlers Page | 25 SECTION 16: Legal Opinion Advising Whether the Plan is Complete and Complies with Wis. Stat. § 66.1105(4)(f) Legal Opinion Found on Following Page. Tax Incremental District No. 29 Project Plan City of Green Bay Prepared by Ehlers Page | 26 Tax Incremental District No. 29 Project Plan City of Green Bay Prepared by Ehlers Page | 27 SECTION 17: Calculation of the Share of Projected Tax Increments Estimated to be Paid by the Owners of Property in the Overlying Taxing Jurisdictions The following projection is provided to meet the requirements of Wis. Stat. § 66.1105(4)(i)4. Northeast Revenue Green Bay Mtro City of Green Green Bay Area Wisconsin Tech. Revenue Year Brown County Sewer District Bay School District College Total Year 2026 3,361 0 8,755 8,370 694 21,179 2026 2027 13,476 0 35,108 33,563 2,781 84,929 2027 2028 13,611 0 35,460 33,899 2,809 85,779 2028 2029 13,747 0 35,814 34,238 2,837 86,636 2029 2030 13,885 0 36,172 34,580 2,866 87,503 2030 2031 14,023 0 36,534 34,926 2,894 88,378 2031 2032 14,164 0 36,899 35,275 2,923 89,261 2032 2033 14,305 0 37,268 35,628 2,952 90,154 2033 2034 14,448 0 37,641 35,984 2,982 91,056 2034 2035 14,593 0 38,017 36,344 3,012 91,966 2035 2036 14,739 0 38,398 36,708 3,042 92,886 2036 2037 14,886 0 38,782 37,075 3,072 93,815 2037 2038 15,035 0 39,169 37,445 3,103 94,753 2038 2039 15,185 0 39,561 37,820 3,134 95,700 2039 2040 15,337 0 39,957 38,198 3,165 96,657 2040 2041 15,491 0 40,356 38,580 3,197 97,624 2041 2042 15,645 0 40,760 38,966 3,229 98,600 2042 2043 15,802 0 41,167 39,355 3,261 99,586 2043 2044 15,960 0 41,579 39,749 3,294 100,582 2044 2045 16,120 0 41,995 40,146 3,327 101,588 2045 2046 16,281 0 42,415 40,548 3,360 102,604 2046 2047 16,444 0 42,839 40,953 3,394 103,630 2047 2048 16,608 0 43,267 41,363 3,428 104,666 2048 2049 16,774 0 43,700 41,777 3,462 105,713 2049 2050 16,942 0 44,137 42,194 3,497 106,770 2050 2051 17,111 0 44,578 42,616 3,532 107,838 2051 2052 17,282 0 45,024 43,042 3,567 108,916 2052 Totals 401,254 0 1,045,356 999,343 82,816 2,528,769 Tax Incremental District No. 29 Project Plan City of Green Bay Prepared by Ehlers Page | 28  RESOLUTION CREATING TAX INCREMENTAL DISTRICT NO. 29, APPROVING ITS PROJECT PLAN AND ESTABLISHING ITS BOUNDARIES CITY OF GREEN BAY, WISCONSIN WHEREAS, the City of Green Bay (the “City”) has determined that use of Tax Incremental Financing is required to promote development and redevelopment within the City; and WHEREAS, Tax Incremental District No. 29 (the “District”) is proposed to be created by the City as a district in need of rehabilitation or conservation work in accordance with the provisions of Wisconsin Statutes Section 66.1105 (the "Tax Increment Law"); and WHEREAS, a Project Plan for the District has been prepared that includes: a. A statement listing of the kind, number and location of all proposed public works or improvements within the District, or to the extent provided in Wisconsin Statutes Sections 66.1105(2)(f)1.k. and 66.1105(2)(f)1.n., outside of the District; b. An economic feasibility study; c. A detailed list of estimated project costs; d. A description of the methods of financing all estimated project costs and the time when the related costs or monetary obligations are to be incurred; e. A map showing existing uses and conditions of real property in the District; f. A map showing proposed improvements and uses in the District; g. Proposed changes of zoning ordinances, master plan, map, building codes and City ordinances; h. A list of estimated non-project costs; i. A statement of the proposed plan for relocation of any persons to be displaced; j. A statement indicating how the District promotes the orderly development of the City; k. An opinion of the City Attorney or of an attorney retained by the City advising that the plan is complete and complies with Wisconsin Statutes Section 66.1105(4)(f).; and WHEREAS, prior to its publication, a copy of the notice of public hearing was sent to the chief executive officers of Brown County, the Green Bay Area Public School District, and the Northeast Wisconsin Technical College District, and any other entities having the power to levy taxes on property located within the District, in accordance with the procedures specified in the Tax Increment Law; and WHEREAS, prior to its publication, a copy of the notice of public hearing was also sent to the to owners of all property in the proposed District; and WHEREAS, in accordance with the procedures specified in the Tax Increment Law, the Redevelopment Authority, on September 3, 2024, held a public hearing City of Green Bay, Wisconsin Tax Incremental District No. 29 Common Council Resolution concerning the project plan and boundaries and proposed creation of the District, providing interested parties a reasonable opportunity to express their views thereon; and WHEREAS, after said public hearing, the Redevelopment Authority designated the boundaries of the District, adopted the Project Plan, and recommended to the Common Council that it create such District and approve the Project Plan. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Green Bay that: 1. The boundaries of the District that shall be named "Tax Incremental District No. 29, City of Green Bay", are hereby established as specified in Exhibit A of this Resolution. 2. The District is created effective as of January 1, 2024. 3. The Common Council finds and declares that: (a) Not less than 50% by area of the real property within the District is in need of rehabilitation or conservation work within the meaning of Wisconsin Statutes Section 66.1337(2m)(a). (b) Based upon the finding stated in 3.a. above, the District is declared to be a district in need of rehabilitation or conservation work based on the identification and classification of the property included within the District. (c) The improvement of such area is likely to enhance significantly the value of substantially all of the other real property in the District. (d) The equalized value of the taxable property in the District plus the value increment of all other existing tax incremental districts within the City, does not exceed 12% of the total equalized value of taxable property within the City. (e) That there are no parcels to be included within the District that were annexed by the City within the preceding three-year period. (f) The City estimates that 100% of the territory within the District will be devoted to retail business at the end of the District’s maximum expenditure period, pursuant to Wisconsin Statutes Section 66.1105(5)(b). (g) The project costs relate directly to promoting the rehabilitation or conservation of the area consistent with the purpose for which the District is created. City of Green Bay, Wisconsin Tax Incremental District No. 29 Common Council Resolution  4. The Project Plan for "Tax Incremental District No. 29, City of Green Bay" (see Exhibit B) is approved, and the City further finds the Plan is feasible and in conformity with the master plan of the City. BE IT FURTHER RESOLVED THAT the City Clerk is hereby authorized and directed to apply to the Wisconsin Department of Revenue, in such form as may be prescribed, for a "Determination of Tax Incremental Base", as of January 1, 2024, pursuant to the provisions of Wisconsin Statutes Section 66.1105(5)(b). BE IT FURTHER RESOLVED THAT pursuant to Section 66.1105(5)(f) of the Wisconsin Statutes that the City Assessor is hereby authorized and directed to identify upon the assessment roll returned and examined under Wisconsin Statutes Section 70.45, those parcels of property which are within the District, specifying thereon the name of the said District, and the City Clerk is hereby authorized and directed to make similar notations on the tax roll made under Section 70.65 of the Wisconsin Statutes. Adopted September 17, 2024 Approved September 17, 2024 Eric Genrich Eric Genrich (Sep 23, 2024 10:01 CDT) Eric Genrich, Mayor Celestine Jeffreys, Clerk City of Green Bay, Wisconsin Tax Incremental District No. 29 Common Council Resolution  EXHIBIT A LEGAL BOUNDARY DESCRIPTION OR MAP OF TAX INCREMENTAL DISTRICT NO. 29 CITY OF GREEN BAY [INCLUDED WITHIN PROJECT PLAN]  EXHIBIT B PROJECT PLAN [DISTRIBUTED SEPARATELY] CC Resolution TID 29 Final Audit Report 2024-09-24 Created: 2024-09-20 By: Rebecca Finco (rebecca.finco@greenbaywi.gov) Status: Signed Transaction ID: CBJCHBCAABAAQ7kKQig_X3YStOMRWHC_cxwK6CHvIn6M "CC Resolution TID 29" History Document created by Rebecca Finco (rebecca.finco@greenbaywi.gov) 2024-09-20 - 4:58:20 PM GMT Document emailed to eric.genrich@greenbaywi.gov for signature 2024-09-20 - 4:58:58 PM GMT Email viewed by eric.genrich@greenbaywi.gov 2024-09-23 - 3:01:39 PM GMT Signer eric.genrich@greenbaywi.gov entered name at signing as Eric Genrich 2024-09-23 - 3:01:53 PM GMT Document e-signed by Eric Genrich (eric.genrich@greenbaywi.gov) Signature Date: 2024-09-23 - 3:01:55 PM GMT - Time Source: server Document emailed to Celestine Jeffreys (celestine.jeffreys@greenbaywi.gov) for signature 2024-09-23 - 3:02:00 PM GMT Email viewed by Celestine Jeffreys (celestine.jeffreys@greenbaywi.gov) 2024-09-23 - 3:20:49 PM GMT Document e-signed by Celestine Jeffreys (celestine.jeffreys@greenbaywi.gov) Signature Date: 2024-09-24 - 6:59:19 PM GMT - Time Source: server Agreement completed. 2024-09-24 - 6:59:19 PM GMT  JOINT REVIEW BOARD RESOLUTION APPROVING THE CREATION OF TAX INCREMENTAL DISTRICT NO. 29, CITY OF GREEN BAY WHEREAS, the City of Green Bay (the “City”) seeks to create Tax Incremental District No. 29 (the “District”); and WHEREAS, Wisconsin Statutes Section 66.1105(4m)(a) requires that a Joint Review Board (the “JRB”) convene to consider such proposal; and WHEREAS, the JRB consists of one representative chosen by the School District; one representative chosen by the Technical College District; and one representative chosen by the County, all of whom have the power to levy taxes on property within the District; and one representative chosen by the City and one public member; and WHEREAS, the public member and JRB's chairperson were selected by a majority vote of the other JRB members before the public hearing required under Wisconsin Statutes Sections 66.1105 (4)(a) and (e) was held; and WHEREAS, all JRB members were appointed and the first JRB meeting was held within 14 days after the notice was published under Wisconsin Statutes Sections 66.1105 (4)(a) and (e); and WHEREAS, as required by Wisconsin Statutes Section 66.1105(4m)(b)1. the JRB has reviewed the public record, planning documents, resolution passed by the RDA, and the resolution passed by the Common Council; and WHEREAS, the JRB has considered whether, and concluded that, the District meets the following criteria as required by Wisconsin Statutes Section 66.1105(4m)(c): 1. The development expected in the District would not occur without the use of tax increment financing. 2. The economic benefits of the District, as measured by increased employment, business and personal income and property value, are sufficient to compensate for the cost of the improvements. 3. The benefits of the proposal outweigh the anticipated tax increments to be paid by the owners of property in the overlying taxing districts. NOW, THEREFORE, BE IT RESOLVED that the JRB approves the resolution passed by the Common Council creating the District, approving its Project Plan, and establishing its boundaries. BE IT FURTHER RESOLVED that in the judgment of the JRB the development described in the Project Plan would not occur but for creation of the District, that the economic benefits of the District, as measured by increased employment, business and personal income and property value, are sufficient to City of Green Bay Wisconsin Tax Incremental District No. 29 Joint Review Board Resolution compensate for the cost of the improvements, and that the benefits of the proposal outweigh the anticipated tax increments to be paid by the owners of property in the overlying taxing districts. BE IT FURTHER RESOLVED that the JRB approves those Project Costs identified in the Project Plan that will be made for projects located outside of, but within a one-half mile radius of the District, pursuant to Wisconsin Statutes Section 66.1105(2)(f)1.n. Passed and adopted this _____ day of , 2024. Resolution introduced and adoption moved by JRB member: Motion for adoption seconded by JRB member: On roll call motion passed by a vote of _____ ayes to _____ nays ATTEST: JRB Chairperson Signature Clerk Signature City of Green Bay Wisconsin Tax Incremental District No. 29 Joint Review Board Resolution