Janesville, WI
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Development Incentives
The City of Janesville works with companies to pursue funding/incentives using the Wisconsin Economic Development Corporation's (WEDC) programs that are appropriate for their projects. As one of Wisconsin's "Connect Communities", Janesville has direct access to several State funding programs through the Wisconsin Economic Development Corporation. Check out our Grow Your Business in Downtown Janesville Guide today! Please contact Jimsi Kuborn, Economic Development Director at (608) 755-3059 or kubornj@janesvillewi.gov for more information.
Downtown Redevelopment and Reinvestment Assistance
The City of Janesville utilizes its Tax Increment Finance authority to facilitate redevelopment projects in the downtown in a number of creative ways. In addition, the City administers a Revolving Loan program which provides low-interest financing for improvements to existing downtown buildings.
Downtown Revolving Loan Fund Program
The Downtown Revolving Loan program was authorized by the Janesville City Council in June of 2014 with an initial investment of $54,000. The City’s investment was made through the appropriation of proceeds from retiring Tax Increment Finance districts, and is being supplemented by matching $10,000 commitments from each of the following local lending institutions: Blackhawk Community Credit Union, BMO Harris Bank, Blackhawk Bank, Johnson Bank, Old National Bank, and First National Bank and Trust.
The Downtown Janesville Revolving Loan Program is available to eligible applicants seeking to make improvements to buildings they own or operate out of in Downtown Janesville. Eligible activities include façade renovation, creation/improvement of upper-story residential units, investments in commercial tenant spaces, and more. Applicants are required to coordinate a pre-application conference with the program officer prior to submitting an application. All completed applications will be reviewed by the Revolving Loan Review Committee, which meets on the second Thursday of the month at 3:30 pm at Janesville City Hall. Application submittals must be made at minimum thirty (30) days prior to the Revolving Loan Review Committee meeting.
View and Share the Revolving Loan Fund Brochure
Historic Preservation Tax Credits for Income Producing Historic Buildings
The Greene Bros. Leaf Tobacco warehouse at 207 N Academy, was built in approximately 1896. Restoration of this iconic building was made possible in part to state and national historic tax credits. Image source: current owner provided city staff with images.
Several areas in Downtown Janesville are within designated historic districts. The National Parks Service administers the Federal Historic Preservation Tax Credit, which returns 20% of the costs for rehabilitating historic income-producing buildings to owners as a direct reduction in their federal income taxes. The Federal program is supplemented by the State of Wisconsin's Historic Preservation Tax Credit program, which returns an additional 20% of the cost of rehabilitation to owners as a discount on their Wisconsin state income taxes.
Tax Incremental Finance (TIF)
What is it?
TIF is a state regulated finance tool municipalities may use to finance infrastructure, encourage development or redevelopment projects that “but for” the financing tool, would not otherwise take place.
Why use it?
TIF not only helps expand a municipality’s tax base, but also aids business expansion, retention, and encourages orderly development or redevelopment within the city. Improvements in the area must significantly enhance the overall value of real property within the district. Project costs must relate directly to eliminating blight, rehabilitation, or conservation of the area, or promote industrial development. TID incentives encourage private investment and may include land acquisition and/or building rehabilitation/construction. In return, the developer guarantees an assessed property value and/or the retention or creation of additional jobs over a period of time.
How does it work?
When a Tax Incremental District (TID) is created, the property tax base for all taxing entities (the municipality, schools, county, and technical colleges) is held constant for the life of the TID. Any new increment created by development or redevelopment within the TID is collected by the TID fund and used for eligible improvement projects. The TID is dissolved once the projects within the project plan are complete, there is a positive balance and the bonds for the projects are paid off. The positive balance and the value of the tax base is then distributed proportionally to the taxing entities.
Tax Increment Financing (TIF) in Janesville's downtown is made on a case by case basis. All projects must adhere to a strict "but for" TIF assistance the project would not occur rule. Meaning that without the infusion of financial assistance from the TID, the project could not move forward. If approved by the City Council, most projects will receive TIF assistance in the form of Pay-As-You-Go. This type of TIF assistance is in essence a percentage of the increment generated from a project paid out over a period of time. This is different than an up-front incentive, where a cash incentive might be used to assist a project.
If you are interested in learning more about what incentives your business or project may be eligible to receive, please contact the Economic Development Office at 608-755-3059.
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