Janesville TIF districts include unique features
Janesville's plan commission approves the project plans for four new Tax Increment Finance Districts.
Development Specialist Al Hulick says the four TIFs are mixed-use redevelopment-style. He says currently, the city only has one other TIF like that, which is the former True Value site on Milton Avenue. It's also the first time the city has brought forward a TIF plan that allows the expenditure of funds within a half-mile of the TIF district. He says the purpose behind that is to capture increment created within the TIF district and use the funds within a half-mile to revitalize surrounding neighborhoods.
City Economic Director Doug Venable says the city could use the half-mile area to help homeowners and landlords improve housing stock. It could also be used for existing manufacturers, like Lear Seating, to provide incentive for job training.
For an audio report on the TIFs, scroll down.