![]() The costs to build the riverfront path, kayak launch, floating dock and fishing pier came in higher than city officials expected, hence the need for the additional funding for the city's part of the project.īuy city officials also noted that the Shipyard area is in line to add a lot more taxable property value than was expected five years ago.That means the tax incremental financing district established to help cover the city’s will generate more property tax dollars to pay off the city's borrowing. Related: Green Bay developer plans to buy WPS headquarters site, and has this vision for its future More property value, more grants ![]() The request would reimburse 70% of Impact Seven's annual property tax payments to the company. The company has also requested tax incremental financing, or TIF, assistance from the city. In order to use the tax credits, Impact Seven will set aside either 20% of all units for households earning 50% of the median income or 40% of units for households earning 60% of the median income. The $60 million project would tap tax credits from the Wisconsin Housing and Economic Development Authority to help fund the project. The term sheet with Impact Seven that outlines plans for the company to buy the property for $400,000, start construction early next year and complete all work by early 2025.
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