Green Bay Public Market explains update financing, construction goals

Jeff Bollier

USA Today Network

On Broadway Inc. officials say the Green Bay Public Market project has a “path forward” to secure the remaining funds needed and to complete construction sometime in 2027.

Green Bay’s Redevelopment Authority on Jan. 13 unanimously recommended the City Council approve amendments to the Public Market development agreement that give On Broadway until Dec. 31, 2027, to convert the Old Fort Square building at 211 N. Broadway into a food hall home to multiple vendors and event spaces.

The vote came after On Broadway Executive Director Brian Johnson and board member Garritt Bader explained the project saw construction estimates spike 36% to $15.7 million, opening a large budget gap in the wake of an October 2024 groundbreaking ceremony. They said the group hoped the drive to complete the market in time for the 2025 NFL Draft would spur more donations and grants.

Now, Johnson said the Green Bay Public Market‘s $23.6 million total budget includes $14.4 million of construction costs plus additional funds for things like contingencies, furniture and equipment.

Bader called the amended timeline an “actionable” one that secures the final dollars needed to construct and open Green Bay Public Market, potentially well before the proposed Dec. 31, 2027, deadline in the development agreement.

Here’s what to know.

What’s the Green Bay Public Market’s new timeline look like?

Here’s the upcoming milestones Johnson laid out in support of the revised timeline:

• January to March: Work to secure the final $1.2 million in private donations, pursue New Market Tax Credit deals, await word on if On Broadway gets a non-state-owned facilities grant offered by the state.
• April to June: Close New Market Tax Credits deals expected to generate $3.6 million and compile all funding required to commence construction.
• July 2026 to March 2027: Construction.
• April to June 2027: On Broadway completes final preparations. Tenants furnish, decorate and build out their spaces ahead of the market’s opening.

Johnson said the timeline gives On Broadway additional time to ensure the Green Bay Public Market creates the $7 million in new assessed property value the development agreement requires the project to create by Jan. 1, 2028.

What’s included in the Green Bay Public Market’s $23.7 million budget?

Here’s a breakdown of the key costs that make up the public market’s $23.7 million capital budget and how much On Broadway has already spent in brackets:

• Building purchase: $2.26 million [$2.26 million spent].
• Construction: $14.4 million [$1.9 million].
• Old Fort Square lease terminations: $2.8 million [$2.4 million].
• Architecture, engineering and design: $997,000 [$753,000].
• Arts funding: $65,000 [$3,100].
• Holding and closing costs: $424,000 [$146,000].
• Construction period interest: $1.7 million [$602,500].
• Total: $23,696,600.

The Green Bay Public Market’s operating budget is estimated at $3.6 million and includes money for startup expenses, furniture, fixtures and contingencies.

Where’s On Broadway getting the money to construct and operate the Green Bay Public Market?

Here’s a look at the primary funding sources for the public market:

• Donations: $7.3 million raised toward $8.5 million goal
• On Broadway: $1 million.
• Focus on Energy: $12,500.
• Government grants: $4.4 million with $2.17 million secured to date.
• New Market Tax Credits proceeds: $3.6 million.
• Impact investing: $1 million.
• Wisconsin Trust Fund loan: $1 million (via the city).
• Mortgage/bank financing: $7.75 million.

Johnson noted that while the project received support from multiple governments, On Broadway has only received $500,000 from them so far. Those dollars came from a city facade improvement grant and was spent on building plans and components for the market’s new exterior facade.

What’s impact investing?

Four unidentified, local companies have each committed to provide the market with $250,000 no-interest loans.

Johnson called it impact investing, a newer trend in community support. Basically, the companies invest the money in the public market for a set number of years after which they’re repaid the initial $250,000. The “return” on their investment is the social and community benefits the market will provide the community.

“They see the benefit to their business and the downtown area,” Johnson told the Redevelopment Authority.

Does On Broadway have all the money?

Not yet.

Johnson said the organization needs to finalize New Market Tax Credits deals and hear from the state on whether the market gets a $2 million non-state-owned facilities grant.

The tax credits deals are expected to generate $3.6 million for the public market.

Johnson expects word on the state grant sometime in spring.

What’s next?

The Redevelopment Authority‘s vote to amend the Green Bay Public Market’s development agreement goes to the Green Bay City Council for final review and action.