Incubator project on schedule
JANESVILLE What it is: The $2.05 million Janesville manufacturing incubator project, the only one of its kind in southern Wisconsin, is on schedule for completion Nov. 15.
The steel framework is now in place to outline the 18,0000-square-foot project on Venture Drive on Janesville's south side near the intersection of Beloit Avenue and Avalon Road. The facility will be able to accommodate four manufacturing areas with separate outside entrances in addition to nine office suites with separate entrances.
"The facility features moveable wall partitions for maximum flexibility," said Vic Grassman, economic development director for the city of Janesville. "We will be able to configure the building to satisfy tenants' needs."
The city will own the facility, but it will be leased to a 501c3 organization, which will manage operations. The Internal Revenue Service treats 501c3 organizations as tax-exempt and nonprofit with strict regulations.
The incubator is being built with a $1.2 million federal Economic Development Administration grant and an $850,000 contribution from the city.
"We are sensitive to concerns about public competition with the private sector," Grassman said. "We look at the incubator as a launch pad for new, small manufacturers who will go on to operate out of their own plant or lease private sector space. This is not intended to be a permanent home for manufacturers."