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Green Bay redevelopment may benefit from historic tax credit

Tuesday's Wisconsin State Senate vote to increase the historic tax credit from 10 percent to 20 percent means big things for downtown green bay and its redevelopment.
GREEN BAY, Wis. (WFRV) - Tuesday's State Senate vote to increase Wisconsin's historic tax credit from 10 percent to 20 percent means big things for downtown Green Bay.

"We think it's a huge deal," said Paul Belschner of Smet Construction Services. "It gives the developers another tool in the toolbox to consider renovating historic facilities."

The Northland Hotel, the three top floors of the Greater Green Bay YMCA and the old Larsen Green Building are such facilities that are looking to be renovated.

The site of the old canning company may soon be an expansion to Titletown Brewing Co.

"We're essentially putting a new brewery in there with a tasting room," said Brent Weycker.

Weycker said the expansion would maintain the integrity of the historic building all while increasing the brewery's brand, costumer experience and production.

"There are natural challenges that come with existing buildings vs. building ground-up facilities," Belschner said. "This potential tax credit assistance will help narrow that gap and hopefully keep more of our historic buildings viable for redevelopment."

In addition to the tax credit increase, the bill offers a state match of 20 percent for those buildings built prior to 1936.

Green Bay's Mayor, Jim Schmitt, said he's excited for the potential economic impact the bill, once signed by Governor Walker, will have on Green Bay.

"These old buildings, financially they're a struggle and to now have some incentives from the state and coupled with the federal government and a good developer, you can see a lot of job creation and a lot of re-enhancement in the state of Wisconsin," Schmitt said.
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