City funding for Case Feed property on hold
Funding for restorations to the Case Feed building on Rockport Road in Janesville will not come from the city, at least at this point.
The prospective buyer of the property asked the city for $450,000 in Community Development Block Grant funds. Community Development Authority chairwoman Jana Vegge says the prospective buyer has an accepted offer for the property, but hasn't closed on the deal. She says legally, the city cannot grant him money even though an accepted offer is legally binding. Once he presents the title for the property, Vegge says he might be able to secure a smaller amount of funding from the city through a blight elimination program, but $450,000 in one year is out of the question. Vegge says 2009 CDBG funds are already spoken for, and the requested amount represents most of the 2010 budget of $535,000.
Vegge says the city does still care about the building. As a landmark and part of a gateway, it's identified as a priority in the city's recently-passed Comprehensive Plan.
Vegge says CDBG funding is not the correct solution at this point in time.
The prospective buyer is able to come back to the CDA once he has purchased the property to determine if other funding is available.
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Last updated: 9:51 am Thursday, December 13, 2012