Funding for first phase of Shipyard project goes to city council

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GREEN BAY, Wis. (WBAY) -- Green Bay is moving ahead with its plans for the Shipyard project.

On Tuesday, the Green Bay redevelopment authority and the finance committee approved borrowing $2 million to fund the first phase of the $10 million project.

In June, the city council approved the plan for the shipyard.

The loan for this first phase will likely come from the state trust fund.

About $1.2 million of the funding will go towards property acquisition and the rest will go towards some preliminary design work.

Since the city made its commitment to the project, it has peaked the interest of some potential investors.

"Since council moved forward with the project and approved the development agreement, we’ve had some additional calls from some other groups who want to be part of the project," said Development Director, Kevin Vonck.

The resolution to approve the borrowing will go to the city council next week.