GREEN BAY (WLUK) – Green Bay filed a lawsuit against a development company for the lack of progress in an apartment complex in the Shipyard.
Merge, an Iowa-based firm, was supposed to construct a “transformative mixed-use waterfront development, secure financing, invest substantial private capital, and create at least $15 million in new taxable value,” but has not done so, according to the civil suit filed Thursday.
It did not timely obtain financing, did not complete construction, did not satisfy the agreed assessed value benchmark, and failed to cure its defaults despite written notice and multiple opportunities to do so. Instead, after years of delay and missed contractual milestones, Merge, LLC sought yet another multi-year extension while acknowledging that construction remained far from commencement. Having failed to deliver the public benefits that formed the very basis of the parties’ bargain, Merge, LLC has forfeited its contractual rights, and the City and the Redevelopment Authority now seek judicial relief to terminate the parties’ relationship, recover the property, and restore it to productive public redevelopment,” the suit states…