GREEN BAY, WI (WTAQ) – Green Bay’s Shipyard project is one step closer to becoming a reality.
The city’s redevelopment authority has approved the development agreements to build the stadium, along with a concert hall and Anduzzi’s restaurant, on the Fox River’s west shore.
The city would front $12-million dollars in non-taxpayer funds for the $13.5-million dollar project.
Those funds would instead come from a rent agreement with the Green Bay Bullfrogs owners and from tax generated from new development in the area that would help pay back a bank loan.
The project’s price tag has jumped $2.5-million dollars in the past two months, with city staff citing the need to purchase additional properties to double the amount of parking in the area.
Alderman Guy Zima is unhappy that all ticket, parking, and concession revenue would go to the Bullfrogs, not the city.
“I don’t think that’s in the best interest of the community. I think that is a very ultra-sweetheart agreement.”
Mayor Jim Schmitt says he supports the deal being considered.
“We’ve got a guaranteed backed lease for $225,000, which helps us with our payments and if they get the revenues from naming rights and concessions, that’s part of their business plan, and we respect that.”
The city council is scheduled to vote on the development agreements next week.
Schmitt says the Shipyard idea will be dead if the council votes ‘no.’
If the council gives the green light, city staff expects everything will be in place for the start of the Bullfrogs’ 2019 season.
