By leaving them open a little longer, the hope is to generate an additional $966,000 in new tax revenue to be invested in affordable housing across the city and another $321,000 to be invested in other housing needs.

Jimsi Kuborn, the city’s economic development director, told the council that extending the life of the four TIF districts would allow them to generate additional new tax revenue that could be added to the city’s affordable housing fund.

The city can tap into that fund to incentivize developers that are looking to build or redevelop housing in Janesville. Kuborn noted that affordable housing is expensive to develop and the city wants to help ensure such projects happen. She said the city currently has more than $1 million in its affordable housing fund.

In response to questioning from Council member Michael Jackson, Kuborn said once money goes into the city’s affordable housing fund, it supports the development of housing across the city, not just within a certain area or within the bounds of any specific TIF District.

Kuborn said the city is actively looking to work with developers to add more affordable and other housing across the city. The affordable housing fund helps realize that goal, Kuborn said.

Kennedy Road

The city’s TIF district 25 includes 51 acres in industrial use on the east side of Kennedy Road, north of U.S. Highway 14. It was created in 2003. Development in this area has included United Alloy’s 80,000 square foot facility, Performance Micro Tool’s 6,000-square-foot expansion and Impact Confection’s 3,400-square-foot expansion.

Kuborn said an anticipated $331,000 in new tax revenue to be generated by the extension of this TIF District will be invested mostly in affordable housing, with some investment in existing housing.

Beloit Avenue

The city’s TIF district 26 was created in 2003 and encompasses about 164 acres in industrial and commercial use along Beloit Avenue, Conde Street and Kellogg Avenue. Kuborn said its original aim was to support the retention and expansion of industry through redevelopment, upgrading streets and buying properties for new development.

Within this TIF district, Seneca Foods expanded eastward with a 316,00-square-foot addition, generating new jobs and $100,000 in new annual tax revenue for the city, Kuborn said. Also within this TIF District, Tigre USA leased and renovated a 36,000-square-foot building and begin producing plastic pipe fittings, creating 20 full-time jobs.

An estimated $598,000 in new tax revenue to be generated by the extension of this TIF District, would be invested mostly in affordable housing with some investment in existing housing.

South Water Street

The city’s TIF district 27 is located along South Water Street on the east side of the Rock River in downtown Janesville. It was created in 2003 to address blight and includes a 10.7-acre in industrial and commercial use. Specifically, the aim was to stimulate the redevelopment of a 6-block area on the east side of the Rock River in downtown Janesville.

Within TIF district 27, Beauty Babes, 107 W. Milwaukee St. received a loan for building renovation and Key Real Estate Solutions, LLC received funds to redevelop an apartment building at 115 S. Main St.

An estimated $5,700 in new tax revenue to be generated by the extension of this TIF District would mostly be invested in affordable housing, with the rest supporting investment in existing housing.

Mercy Hospital

The city’s TIF district 33 was created in 2008 and encompasses the Mercy Hospital Medical Complex on Mineral Point Avenue. It includes about 38 acres in mixed commercial and industrial use.

Kuborn said the original aim was to promote mixed use development, address blight and strengthen the connection between the Mercy campus and downtown.

With this TIF district, The Gray Goose, 207 N. Academy St., was converted into about 23,000-square-feet of open office workspace. Foremost Media relocated here, adding 20 new jobs. The ARISE Town Square redevelopment is also within the TIF District, and has included the removal of blighted buildings, infrastructure redevelopment and the addition of green space and other public space along the Rock River.

The estimated $355,000 in new tax revenue to be generated by the extension of this TIF district would mostly be invested in affordable housing, with the rest supporting investment in existing housing.

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