TIF money could fix Janesville’s housing shortage, developers say
That suggestion was one of the biggest takeaways from Wednesday's community housing and development forum. The city and Forward Janesville co-sponsored the event at the
The forum, which drew about 75 people, explored the city's need for multiple types of housing. It included a small-group brainstorming session, but when the event ran long, organizers decided to table the groups' sharing of ideas for another date.
During an opening panel,
In
Slavish proposed a pay-as-you-go TIF deal. The landowner would pay taxes, and the municipality would return a percentage of that payment, he said.
In
"The great thing about that is the municipality spends none of their own money. The developer pays them, and then they kick back a portion of that," he said. "It's really a pretty simple structure. It's utilized by a lot of communities throughout the state of
In a particularly strong statement,
Echo does a lot of projects in
But tax increment financing for residential projects isn't common here. Economic Development Director
Price emphasized he could speak only for himself when it comes to TIF packages and said the council and city manager would have to lead that discussion.
Any consideration of a TIF deal would need to follow guidelines for the city's past commercial and industrial TIF deals, he said.
But his comments after the forum indicated a philosophical change could be on the horizon.
"That's the beauty of the housing discussion is that it has an ancillary effect. It's not just about that value in the ground. It's about retaining the talent," Price said.
"How do we fix that? How do we fill that gap? Can we do it with TIF? Can we do it with changing some of our regulations, thinking more creatively about housing?"
The closing of the
But while the city lost a major employer, it still gained residents after
Slavish said tax increment financing helps projects come to fruition that otherwise would not have the incentive.
Hovde bought the
"I think the city council staff really needs to wrestle with a potential change in their policy. If you keep doing what you're doing, you're going to keep getting what you're getting," he said. "Developers don't have an unlimited source of cash. They have to pick and choose where they think they can get their best investments. TIF is a game-changer."
It's clear
Though the city faces a short-term housing challenge, it has a healthy long-term outlook, Price said. The city has multiple options to stimulate residential development and maintain its gradual post-recession recovery.
"I think we're going to continue that momentum," he said. "
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