Governor Signs Historic Tax Credit Bill!

Christmas Comes Early as Governor Signs Historic Tax Credit Bill!

Dusting off the past and re-purposing two outdated buildings in Green Bay just got a little easier as Governor Walker delivered an early Christmas present to northeast Wisconsin. Pictured above at the historic Northland Hotel in Downtown Green Bay, Governor Walker signed into law the bill that provides needed incentives for renovating historical structures.
Green Bay’s Mayor Jim Schmitt led the push for this legislation as it served as the impetus in closing a funding gap to renovate the historical Northland Hotel and the renovation of the former Larsen Cannery into an expanded brewery operation. Schmitt worked with area legislators, Representative Chad Weininger and Representative Andre Jacques to get the bill through the State Legislature. Local citizens were enlisted in the lobbying efforts which included Smet Construction Services.
The law is expected to create jobs and revitalize historical properties throughout the state. It provides a 20% tax credit along with federal historical tax credits and applies to buildings constructed before 1936. Right off the bat, in Green Bay, the Northland Hotel will transform into a boutique hotel going back to its 1920’s roots when it was the hub spot of the downtown.
The Northland project will utilize the tax credits as part of an overall financing package that included several funding sources. Of the $35 million project, the Northland developer, Mike Frantz said: “We probably couldn’t have done it without them. It’s really complex financing for these kinds of deals. This goes to helping the deal get done”. The credits fill in a financing gap worth $7 million to the Northland project, he said.
For more information:
Greg Polacheck         
Director Market Development                  
[email protected]                                                                                                   

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