GREEN BAY, Wis. (WBAY) — At a special Green Bay city council meeting Tuesday night, aldermen agreed to take another step forward when it comes to the redevelopment of East Town Mall.
Members voted to approve the term sheet between the Green Bay’s Redevelopment Authority and the developers on a vote of 8-3.
Lexington Reality, a developing company out of New Jersey, wants to take on the redevelopment project, but they want some financial help from the city. They want $2 million upfront, which would go toward demolition and the outfitting for a library, and $1 million when the project is complete.
That term sheet continues to receive opposition.
“I think this sets a very dangerous precedent,” said Alderman Guy Zima.
“I would say this is not a good deal for the City of Green Bay,” said Alderman John Vanderleest.
However, there was even more support for the redevelopment this time around — its third time in front of this council.
“I am very supportive of this development,” said Alderman Barbara Dorff.
“This is clearly something that is going to help my district for the first time in 12 years,” said Alderman Tom De Wane.
Now the RDA and developers will get to work on a development agreement.
“We are lucky they are still interested and still want to move forward so we will be working on that right away,” said Kevin Vonck, director of economic development for City of Green Bay.
Part of the development agreement will be securing the tenants, which the developer hopes includes a sporting goods store, grocery store and space for a branch of the Brown County Library.
The library hasn’t signed on yet, but Vonck said the city’s decision Tuesday night might help the library make up its mind.
“Now that the city gave its thumbs up, they can get their conversations going again and just see what timelines and abilities they might have for making their decision,” said Vonck.
The term sheet agreement is not final. It is subject to change once the development agreement starts to take shape.