#3 Report on economic development and progress on study session strategies
Janesville City Council
Economic Development Update
July 26, 2010
Janesville’s Economic Development
Program
Goal:To stimulate private sector development
in Janesville to create jobs and increase the
tax base.
Objectives:Provide public sector support in
*Economic Diversification
*Job Retention and Growth
*Building the local tax base.
Economic Development
Initiative Update
Downtown Janesville Redevelopment Loan Program
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Janesville “Gap” Funding Loan Program
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Rock County Business Incentive Fund
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Creation of a Redevelopment Authority/modifying
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the existing Community Development Authority.
Certified Sites
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TIF Incentive Program
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New Initiatives
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Updates
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Downtown Janesville
Redevelopment Loan Program
Goal:To provide below market financing to encourage
redevelopment in the downtown area.
Status: Program in place, begin marketing
Description:
Public/Private Sector Partnership -M&I & Johnson
?
Banks
Below market interest rates for:
?
Tenant and facade improvements
?
Code upgrades
?
Equipment purchases and Installation
?
Private sector underwriting
?
Janesville “Gap” Funding Program
Goal:Assist companies expanding in our industrial
parks.
Status:General concepts have been agreed upon with
banks, brochure development last step.
Description:
Public Private sector partnership
?
“Gap” financing program to assist Janesville companies to expand.
?
Must be within an existing TIF District
?
TIF findings, ten year term, at 7%.
?
Loan amounts potentially to $50,000 or more.
?
Rock County Business
Incentive Fund
Goal:To provide low interest loans to companies expanding or
seeking to locate in Rock County.
Status:Rock County currently seeking a federal source of funds
through the SBA. If agreement is not in place by Sept. 30, will
seek to fund the program through their budgeting process.
:
Description
Up to $10 million as a source of funds.
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Low interest loans for business expansion and
?
attraction.
Public Private loan committee
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Emphasis on capital investment and job creation
?
Expansion of the Community Development Authority
or the creation of a Redevelopment Authority
Goal:
Create new economic development financing sources.
•
Increase collaboration between public and private sectors
•
Status:Still under discussion.
Description:
Expansion of existing CDA.
?
Creation of an RDA and Housing Authority
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Educational process
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Certified Industrial Sites
Goal:
Create a marketing advantage by having one of two sites
in WI truly “shovel ready ” and certified by an outside third
party.
Status:All documents submitted, waiting for a decision.
Description:Location –224 acres, SW corner of HWY 11 and
Beloit Rd.
“Speed to Market”
?
First sites in Wisconsin
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Ady International/Austin Company certification
?
Process involves developing/organizing all
?
documentation related to a site.
TIF Incentive Program
Goal:Job creation and increase tax base
Status:Implemented
Description:Two Scenarios:
New Construction –Forgivable ten year working
?
capital loan based on new increment and job
retention creation.
Leasing Existing Space –Forgivable ten year
?
working capital loan based on $1.00 per square
foot leased and job retention/creation.
New Initiatives
EDA Business Incubator
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Ed Montgomery Visit, June 11, 2010
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Application Update.
?
Business Retention/Expansion visits
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Web site
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Downtown Redevelopment –Design Center
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Brownfield Redevelopment
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Madison R&D Synergies and Janesville
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Updates
Rock County 5.0
Business Plan Contest –22 entries -$25,000 first
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prize.
Mentor
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Program consultant
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Commitment of $1.2 million of funding
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Marketing:
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Trade Shows
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Brochures
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Thumb Drives
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Other Updates
Expansions:
Capital equipment purchases from bankrupt
?
firms.
Contraction
?
Attraction:
Firms looking at existing space
?
Vacant manufacturing space levels
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Business Assistance:
70 companies since Janaury
?
Updates Continued
Downtown:
Brownfield Redevelopment
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Facade loan program
?
Focus –Public /Private Relationships
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Renaissance Committee
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Janesville banks and loan programs
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Wisconsin Economic Development
“The Wisconsin Way”
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“Competitiveness and Positioning Study”
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Questions and Comments