The economic base within the City of Janesville will continue to grow and diversify by building stronger relationships with the business community.
To meet those ends we are:
- Intentionally meeting with local businesses to understand their needs
- Collaborating with Forward Janesville, the Rock County Development Alliance, and the Southwest Wisconsin Workforce Development Board to address business and workforce needs
- Creating an investment-friendly environment with diminished barriers to development with speed to market services
- Strategically marketing to targeted industries in collaboration with regional marketing partners
Certified Shovel-Ready Sites
These industrial sites have been pre-certified by the State of Wisconsin to be development ready. Utility and transportation infrastructure, environmental assessments, and quality of labor is provided to facilitate speed-to-market development decisions.
For more details about the Certified in Wisconsin program, please visit the Wisconsin Economic Development Corporation's (WEDC) website www.inwisconsin.com.
For more information on available shovel-ready sites in Janesville, please contact Economic Development Director, Gale Price, at 608-759-3059 or firstname.lastname@example.org.
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. Funding under these programs is competitive and requires the completion of a WEDC Prospect Data Sheet which describes the project, the investment that will be made, and the jobs that will be created.Tax Incremental Finance (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. 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. TIF 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.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.The City of Janesville actively uses TIF with the intention of improving the local economy. Incentives are based on two operating guidelines: (1) for new construction either on a green field site or the expansion of an existing facility with the resulting new tax increment or (2) for the leasing of existing manufacturing or distribution space. Note: TIF incentive proposals are project specific and will include additional considerations involving the number and quality of jobs created, jobs retained, type of business, etc. Additionally, all TIF incentive proposals are subject to final approval by the City Council during an open session public meeting. Since January 2015, the City Council has approved ten (10) TIF agreements, creating 1,760,000 square feet of new industrial space; $100 million in new value; and 849 new jobs over the next three years. Targeted industries include:
Tax Increment Financing (TIF) Agreements Map
TIF Development Agreements Map
Public Investment by Year
Job Guarantees by Year
Tax Increment District (TID) Performance
The City of Janesville has three types of tax increment districts (TIDs): blight remediation, rehabilitation-conservation, and industrial and all vary in size. By dividing the amount of increment created since the base year (year the district was created) by the number of acres within the district, we can get a better picture of which districts are performing well relative to the type of district. Note: TID No. 28, our only blight remediation district, was created in anticipation of a westside downtown grocery store. The loss of increment within that district reflects the loss of the improvements (building) on that land. The agreement with the grocery store fell through and the property owner continues to market the site for development. TID No. 33 is the area around Mercy Hospital. This is a mixed-use district that includes a residential redevelopment component. The impact of Mercy Hospital's campus expansion is illustrated in the charts to the right.
TIF "Gap" Financing Program
This program is designed to provide loan funding to help companies have increased access to capital for expansion purposes. The purpose is to assist in the financing of job-creating expansion projects which cannot be adequately financed using only private sector and equity funding. Without the TIF loan filling the remaining financing gap, the project would not go forward. Gap loans are made to for-profit businesses located in specified TIF areas within the City of Janesville.
For a complete list of eligible businesses, eligible uses of funds and details of the application process, please visit www.growjanesville.com or contact Economic Development Director, Gale Price.