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(Janesville, WI) Excerpt Courtesy of the Gazette.

This week, the Janesville City Council gave a big boost to two separate property development deals with very different flavors.

The council unanimously approved providing 12.7 acres of city land and a forgivable tax increment-financing loan of $469,000 to push forward construction of 100,000-square-foot industrial facility at 4298 Capital Circle on the city's east side.

The deal includes $280,617 in land value.

Economic Development Director Gale Price said the facility, which is being built on speculation, is projected to generate 3.6 million in taxable revenue over the 10-year TIF deal.

The acreage, which is near Highway 14, allows for an expansion by 50,000 square feet.

William Mears of McGuire Mears & Associates, who is involved in the development, said the facility could be split into 25,000- or 50,000-square-foot segments. It would satisfy a lack of immediately available, large-scale industrial spaces in Janesville, Mears and Price have said.

The council on Monday also approved a TIF loan of $425,000 and a 15-year TIF agreement for conversion of a former warehouse property at 207 N. Academy St. 

Property owner Mark Robinson and local website development company Foremost Media, Inc. plan to rehabilitate the 23,000-square-foot building into office and retail spaces, initially locating Foremost Media inside.

Price said the city believes the project would create an additional $1.4 million in taxable value near the city's downtown. Foremost Media, a website development company, says its relocation to the property would help it expand and create 20 jobs.

The council also approved a forgivable TIF loan of $75,000 to Foremost Media that is forgivable provided the company retains the new jobs for 10 years.


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