East Town Mall redevelopment proposal heads to the City Council

Green Bay - The City of Green Bay has been working with a developer for about a year now to bring a boost to the cities east side.

Lexington Realty out of New Jersey has bought the dilapidated East Town Mall and plans to turn it inside out, bringing new box stores to the area.

"We've got a great population out there, it is a growing area, said Kevin Vonck of the Green Bay Redevelopment Authority. "However, this East Town Mall has struggled."

The Redevelopment Authority will take their proposal for the development agreement to the city council as the city decides if this is a good deal for Green Bay.

The plan calls for the city to put in $1.5 million up front as part of a tax increment, then after that debt gets paid off the developer is eligible to receive 75 percent of the property tax raised by the project, up to another $1.5 million.

"When it is all said and done the value will be somewhere close to eighteen million dollars so you are taking a property that has been distressed and underperforming and providing millions of dollars of a property tax increment," said Vonck. "There is a cap of three million for an 18 million dollar project, it is a good investment for the city."

The project could be a big piece of a new proposed TID district that the council will also vote on, that would include the new development going on now at the Cubs Food Store that has been vacant for nearly a decade.

The Cubs Food building will be the future home of Ross, Pet Smart, Marshall's and there is room for another tenant in a 3500 square foot area.

People on the east side told Local 5 that they would like additional shopping options so they wouldn't have to travel across the Fox River to do their shopping.

"I think it shows the city's commitment to investing in this area, to making sure there is higher and better use to serve our residents," said Vonck.

Although some of the new tenants in the Cubs Food building next door to the mall will be open by the end of the year, the development of the East Town Mall wouldn't start until at least 2018, and that depends on what the council decides tonight.

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