Historic Tax Credit Increase Heads to Governor Walker's Desk - WBAY

Historic Tax Credit Increase Heads to Governor Walker's Desk

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Several pending projects in Green Bay receive a financial boost today as an increase to the state's historic tax credit now heads to Governor Scott Walker's desk.

The state senate approved the measure this afternoon 31-2 about a month after the Assembly also voted in favor of it. As approved, the tax credit for qualified rehabilitation expenses doubles from ten to twenty percent.

It's a legislative decision that Green Bay leaders have been fighting for.

"We've been working on this for about a year," says Greg Flisram, City of Green Bay Economic Development Director.

To move forward on the historic Hotel Northland project and put the wheels in motion for the YMCA apartments and renovation.

"This closes the gap on a number of projects and makes other projects that were completely infeasible before now within the realm of feasibility," says Flisram.

Today's state senate vote to double the state's historic tax credit was a hot topic at today's City of Green Bay Redevelopment Authority meeting where Titletown Brewing's Brent Weycker presented plans for his business' future.

"We are truly a micro-brewery right now.  We are small and compact inside the train station, we're going to expand that by putting the new brewery in the Larsen buildings," says Weycker.

Because the Larsen Green buildings were built before 1936,  they could qualify for the historic tax credit for the first time, under the approved bill.

"Yes definitely ... it's gong to help Titletown and SMET redevelop the Larsen buildings it's gonna give us more tools to put money into other areas that you hold back on and don't do cause you don't have that cash up front," says Weycker.

Governor Walker is expected to sign the bill into law later this week.

"It's huge! It changes the whole marketplace for doing renovations. Not just in downtown Green Bay but throughout the state," says Flisram.

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