A new tax increment financing district will assist a proposed 115-unit multifamily development on the former youth baseball diamonds on Woodman Road.
The Janesville City Council approved TIF District 38 on Monday with a 6-0 vote. Council member Jim Farrell was absent.
The TIF district will include 33.75 acres along Milton Avenue between Mount Zion Avenue and Kennedy Road.
City staff crafted the TIF district around the proposed Diamond Ridge development, an apartment complex that is expected to house 115 units in six buildings, said Gale Price, economic development director.
The TIF district also will promote redevelopment of lots with commercial use potential on Milton Avenue, Price said.
The city will spend an estimated $3.6 million on TIF assistance for the Diamond Ridge project. The council will review a TIF agreement for the project at a future meeting.
Over the next 20 years, the city estimates it will spend $6.25 million on the TIF district to help with demolition costs for other sites, make streetscape improvements, pay administrative expenses and pay interest on long-term debt, according to a city presentation Monday.
The TIF district will generate an estimated $13.6 million in revenue over 20 years, according to the presentation.
The council postponed voting on rezoning the Diamond Ridge site from conservancy to general residential until its next meeting, allowing council members to digest information from Monday’s public hearing.
Resident Ty Bollerud and Scott Kwiecinski of Horizon Development, the development company chosen for the project, were the only two people who spoke during the hearing.
Bollerud expressed concerns that the apartment complex would be a gated community and should be subject to stricter scrutiny.
Kwiecinski confirmed the complex will not be a gated community.
Residents Michael Funk and David Harrison called city staff with questions and comments about rezoning prior to the meeting. Funk had questions and did not express support or opposition, according to a city memo.
Harrison said he opposed the project because he feared neighborhood property values would fall. He also was concerned Foster Avenue would be connected to the site, that traffic would increase and that he would have to install a sidewalk in front of his home, according to the memo.
City staff members told Harrison that Foster Avenue will not connect to the development site and that a public sidewalk is not planned along his Foster Avenue property, according to the memo.