Supporting, Revitalizing and Growing Businesses
Traditional Tax Increment Financing (TIF)
Sponsored by: City of Janesville
Contact: Economic Development Department; Jimsi Kuborn, Economic Development Director, kubornj@janesvillewi.gov; (608) 755-3059
Description: An incentive for development and redevelopment projects to assist the private development in instances where there is a demonstrated financial gap. Applicants requesting TIF assistance shall demonstrate a significant public benefit to the community and implementing the Strategic Plan and the Comprehensive Plan.
Objectives:
- Strengthen the economic base of the City and promote economic development;
- Stimulate and continue revitalization of the City and promote efficient usage of land through redevelopment;
- Prevent or eliminate blight;
- Improve infrastructure;
- Increase the amount of available housing stock;
- Create and retain jobs;
- Increase property values and tax revenues;
- Encourage the construction of mixed-use developments; and
- Leverage the maximum amount of non-city funds into a development and back into the community.
Conditions Overview:
- Equity is required
- Project results in a 20%minimum increase in assessed value
- Project in located in the identified TIF district
Full TIF Details: https://www.growjanesville.com/home/showpublisheddocument/10805/637804376496130000
Downtown Revolving Loan Program
Sponsored by: City of Janesville
Contact: Economic Development Department; Jimsi Kuborn, Economic Development Director, kubornj@janesvillewi.gov; (608) 755-3059
Description: RLF Loans will only provide the funds necessary to bridge the “financial gap” that allows an applicant to move forward with a development project in Downtown Janesville. RLF Loans are intended to assist with economic development that meets one or more of the following objectives:
- To encourage the leveraging of new private investment in the community.
- To create financial incentives that foster rehabilitation and maintenance of commercial real estate in Downtown Janesville, in order to attract and retain new and existing business.
- To encourage mixed-use, commercially owned facilities which provide expanded employment opportunity, retail sales, services, entertainment, and expanded housing opportunity.
- To support revitalization of the downtown as a whole, and especially the primary historic commercial corridors of Main Street and Milwaukee Street.
- To provide necessary financial assistance to existing and prospective business that is accessible and reasonably simple to apply.
- To expand housing opportunities through conversion of the upper stories of downtown buildings into attractive, accessible, competitively priced housing units for a diverse cross-section of residents.
- To increase the tax base of the City.
Eligible Activities:
- Interior/exterior remodeling
- Code compliance
- Upper story and first floor residential conversion or rehabilitation
- Mixed-use development
- Facade renovation
- Leasehold Improvements
- Repair or replacement of roof
- Structural repair
- Repair/replacement of mechanical systems
- Infill construction
- Design services with an approved completed project
- Other economic development activity as approved by the RLRC
Loan levels:
- Rock Renaissance ($10,000-$50,000
- Term is up to 10 years
- Interest Rate: Current WSJ Prime Rate minus 1% fixed at closing, but no lower than 1%
- Upper Floor Livability ($2,500-$25,000)
- Term is up to 10 years
- Interest Rate: WSJ Prime minus 0.5% fixed at closing, but no lower than 1%
- Facade Improvement Program ($500-$5,000)
- Term is up to 7 years
- Interest Rate: 0% Interest
Wisconsin Historic Preservation Tax Credits
Sponsored by: State of Wisconsin and the Federal Government
Contact: Wisconsin Economic Development Department – Division of Historic Preservation at the Wisconsin Historical Society
Description: Two tax incentive programs available to owners of income-producing certified historic properties for rehabilitation of their property. The programs provide a credit against federal and state income taxes based on the cost of rehabilitation. The credit may be used in one year or over a period of years. The programs are:
- Federal 20% Historic Rehabilitation Credit: A 20% federal investment tax credit (ITC)
- Wisconsin 5% Supplement to Federal Historic Rehabilitation Credit: An additional 5% Wisconsin Investment tax credit for persons who qualify for the 20% tax credit and who apply for and receive approval before beginning physical work on their projects.
Downtown Janesville Facade Grant Program
Sponsored by: Downtown Janesville Business Improvement District
Contact: BID, bid@downtownjanesville.com
Description: BID’s goal of its grant programs is to put BID Assessment Funds directly back into downtown businesses. The Facade Grant program selects projects that will make the biggest impacts on the streetscape. These grants are launched in March and awarded in April. Those awarded can not apply again for 3 years.
Conditions:
- Located in BID district and up to date on assessments
- Photos and estimates must accompany application
- Work to be completed in that calendar year
For more information: Visit our Facade Grant Program page
Downtown Janesville Recruitment and Retention Grant Program
Sponsored by: Downtown Janesville Business Improvement District
Contact: BID, bid@downtownjanesville.com
Description: BID’s goal of its grant programs is to put BID Assessment Funds directly back into downtown businesses. The Recruitment and Retention Grants offer a wider variety of business improvement focuses. These grants are launched late spring.
Conditions:
- Located in BID district and up to date on assessments
- Photos and estimates must accompany application
- Work to be completed in that calendar year
For more information: Visit our Recruitment & Retention Grant Program page
