GREEN BAY, WI (WTAQ) - Details of the city of Green Bay’s redevelopment agreement for the vacant Schauer & Schmacher building have been released just hours before the city council votes tonight.
A closed door meeting with the Redevelopment Authority last week provided little clues on what the city was proposing, which city officials said involved $300,000 in city funds.
According to the Press-Gazette, the plan would have the city or the developer, Benklin Group, LLC purchase the buildings for $275,000 from HPC Loan Servicer.
The downtown buildings have been vacant since 2001.
The developer would invest $2.6 million to turn the buildings at 227 E Walnut and 109 N Adams Street into a mixed use development.
The property would be turned into eight to 12 loft apartments or condominiums with indoor parking spaces and about 3,000 sqft of retail space.
If the city buys the building, it would sell the property to Benklin for a $1.
The redevelopment agreement is on the city council agenda for tonight.