GREEN BAY, WI (WTAQ-WLUK) – Green Bay’s city council has put the brakes on a plan to redevelop East Town Mall.
In discussion of the project, all council members agree the mall could use improvement.
Alderman Guy Zima spoke to WLUK.
“I mean it’s hard to believe that the location it has and the lack of competition really in the area that it isn’t doing better than it has”
New Jersey developer Lexington Realty International wants to purchase the mall for a makeover.
It’s proposing removing the traditional mall setup where you go inside to enter stores, and replace it a strip mall setup with only exterior entrances.
A national sporting goods store and Fresh Thyme Farmer’s Market are a part of the plan.
Green Bay Mayor Jim Schmitt is a supporter of the makeover.
“We like the work they do. It’s quality. They turn the facilities so you can drive up and see the stores. It’s like these mini big box stores and they’re good names that people on the east side and all over Green Bay are going to appreciate.”
While Green Bay’s council members also expressed support for the plan, Alderman Joe Moore says the financial details need to be reworked. The current proposal calls for the city to kick in $3 million through tax incremental financing.
“I’m not even so opposed to the $3 million, but what I am opposed to is we’re basing that TIF assistance off that low assessment.”
The mall is currently assessed at about $11 million. The proposed term sheet calls for that to drop to the developer’s agreed purchase price of $3.8 million.
The council unanimously agreed to send the proposal back to a committee level to renegotiate the financial details.
