GREEN BAY, Wis. (AP) — Green Bay officials have approved development plans for the city’s west-side riverfront.
The Shipyard project would include a stadium, indoor concert venue and restaurant, the Green Bay Press-Gazette reported . Officials expect the project to cost around $11 million.
Parking at the site would also be expanded. The waterfront would get boat docks, a playground and a recreational path. Additional funds would be used to improve neighborhoods in the area.
Huntington Bank officials say the bank will provide a construction loan to the city. The city could make interest-only payments over five years. City officials expect development around the venue to be able to generate enough new tax dollars to pay off the loan.
The City Council voted to approve the project on Tuesday. Aldermen Guy Zima and Tom De Wane said they hoped to get a more detailed breakdown of the project’s expenses. Alderman Tom Sladek said he was concerned that businesses associated with the project haven’t yet fully committed to the city.
“I’m nervous about the level of risk associated with this,” Sladek said.
The council agreed to let the project move forward only if businesses have been found to operate the concert venue, restaurant and full complex by the end of the year. Those deals would also need to receive council approval.
The agreement says construction of the stadium should be completed by March 2019, meaning work on that project would need to start by Sept. 2018. The concert venue and restaurant may be completed sooner.