The City of Janesville works with companies to pursue funding/incentives using the Wisconsin Economic Development Corporation's (WEDC) programs that are appropriate for their projects. Funding under these programs is competitive and requires the completion of a WEDC Prospect Data Sheet which describes the project, the investment that will be made, and the jobs that will be created. Based on the Project Data Sheet, the WEDC determines which of its development programs could be used in support of the planned project. Development Opportunity Zone tax credits is on example of one such program. Please contact the Economic Development department at (608) 755-3059 for more information.
Janesville Business Incentives
Tax Incremental Finance (TIF)
What is it?
TIF is a state regulated finance tool municipalities may use to finance infrastructure, encourage development or redevelopment projects that “but for” the financing tool, would not otherwise take place.
Why use it?
TIF not only helps expand a municipality’s tax base, but also aids business expansion, retention, and encourages orderly development or redevelopment within the city. Improvements in the area must significantly enhance the overall value of real property within the district. Project costs must relate directly to eliminating blight, rehabilitation, or conservation of the area, or promote industrial development. TID incentives encourage private investment and may include land acquisition and/or building rehabilitation/construction. In return, the developer guarantees an assessed property value and/or the retention or creation of additional jobs over a period of time.
How does it work?
The City of Janesville actively uses TIF with the intention of improving the local economy. Incentives are based on two operating guidelines: (1) for new construction either on a green field site or the expansion of an existing facility with the resulting new tax increment or (2) for the leasing of existing manufacturing or distribution space. Note: TIF incentive proposals are project specific and will include additional considerations involving the number and quality of jobs created, jobs retained, type of business etc. Additionally, all TIF incentive proposals are subject to final approval by the City Council during an open session public meeting. Since January 2015, the City Council has approved ten (10) TIF agreements, creating 1,760,000 square feet of new industrial space; $100 million in new value; and 849 new jobs over the next three years.
This program is designed to provide loan funding to help companies have increased access to capital for expansion purposes. The purpose is to assist in the financing of job-creating expansion projects which cannot be adequately financed using only private sector and equity funding. Without the TIF loan filling the remaing financing gap, the project would not go forward.
Gap loans are made to for-profit businesses located in specified TIF areas within the CIty of Janesville. For a complete list of eligible businesses, eligible uses of funds and details of the application process, you may find the brochure here, or contact Economic Development Director, Gale Price.
Targeted industries include: