Support the Shipyard Development on Broadway
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What is the Shipyard?
The Shipyard is a comprehensive development on the south end of the Broadway District that involves an outdoor events center, indoor concert venue, restaurant, neighborhood enhancements and public waterfront improvements.
Who are the primary players?
The outdoor event center would be owned by the Redevelopment Authority of the City of Green Bay and managed by a third party, Broadway Events, LLC. This is a similar arrangement as the KI Convention Center and the Brown County Arena/Shopko Hall/Resch Center where private entities manage publicly owned facilities. The indoor concert venue and restaurant would be privately owned and managed.
What type of activity would occur at the outdoor event center?
It’s expected to draw nearly 200,000 visitors annually through a variety of events such as minor league or summer collegiate soccer, local college and university sporting events, high school sports, concerts with national acts, youth baseball, community festivals and Green Bay Bullfrogs games.
So, is this a stadium for the Green Bay Bullfrogs?
The Bullfrogs will comprise less than 30% of the programmed activity in the stadium but will call it home. It’s essential to have an anchor tenant much like the Green Bay Gamblers at the Resch Center.
What about parking?
A revision to the original plan includes the acquisition of the Badger Sheet Metal property which will allow for the construction of 900 total parking stalls to be used for all three facilities (the original plan called for 400 parking stalls).
How much will it cost?
Total construction costs for the stadium, waterfront improvements and parking are estimated at $13.5M; $9.5M for the stadium and $4M for waterfront and parking. Broadway Events, LLC will provide $1M in operator equity, the Stadium District has provided $500K and public financing will comprise the balance at $12M. Additionally, Broadway Events, LLC will pay the City of Green Bay $225K per year for 20 years to operate the facility or $4.5M.
How will we pay for it?
Huntington Bank has offered the City to finance the project in lieu of issuing bonds. This will keep costs down while new increment is added to the city tax roll through additional, private development. A new Tax Increment District will be created to keep the costs of the project from hitting the tax levy. It’s expected this will be a catalyst project that will spur additional development on land that has been owned by the city for nearly 40 years collecting zero tax dollars.
How can the city afford this project and not repair streets?
This project is not funded through the city’s annual budget, so it has no effect on the city’s annual operations. It’s essentially paid for by the new taxable value that will be created through private development including the indoor concert venue, restaurant, rising home values and new development currently being discussed. In fact, taxes generated from this new development will contribute to the city’s annual budget in the future.
What’s the construction timeline?
The City Council must first approve the plan which is slated for Tuesday, Dec. 19 at 7 p.m. at City Hall. If approved, the concept plan would be complete by March 1, 2018; construction documents/budget by June 1, 2018; and construction completion by March 1, 2019.
How do I support the project?
88% of residents and businesses in the neighborhood indicated they support this project. More people would be present creating a safer space and drive new business to nearby establishments. To contact your alderperson to show support for this project, visit http://greenbaywi.gov/agencies/common-council-3/ to find your district and alderperson’s contact information.
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