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GREEN BAY - Green Bay city leaders gathered Monday to discuss a new bill promoting the redevelopment of historic buildings all throughout the state.

Political leaders say the legislation would bring new life to Green Bay's downtown by restoring aging buildings and creating new jobs for people who need them. Mayor Jim Schmitt says the city's historic Hotel Northland would be one of the many buildings that would benefit from the bill.

"It's a good investment, even in tight times -- and that's why the impact study is going to be going out for the next five years," he said.

The new bill from Representative Chad Weinenger would increase tax incentives for developers from 5 to 20 percent.

"This could put us back into that competitive mode that our downtown and our historic buildings are vital, and an important direction to push our reinvestment capital," said Christopher Naumann, Executive Director of On Broadway, Inc. "If this building becomes active and generates a lot of investment and visitors coming in, you're seeing value in neighboring buildings that are also historic -- and could also use the tax credit and reinvest in themselves." 

The bill is currently being circulated for co-sponsors and will be sent to committee for public hearing.

Mayor Schmitt says he will be making a major announcement about the Hotel Northland on Wednesday.