Janesville approves authorization to borrow up to $7.24 million to finish Woodman Sports and Convention Center

The Janesville Common Council on July 26 authorized the city to issue up to $7,240,000 in taxable general obligation promissory notes to finance remaining construction and equipment costs for the Woodman Sports and Convention Center (WSCC).

Finance Director Dave Godek told council the WSCC project’s total budget is $46,756,600 and is funded from a mix of city borrowing, state and federal appropriations, private fundraising and other contributions. The council approved a borrowing plan that splits city borrowing across years to avoid unnecessary borrowing; the $7.24 million is the maximum remaining taxable amount the city would issue. Staff said the final sale amount could be lower and will return to council for award of sale and interest-rate acceptance.

Why it matters: The borrowing completes construction and outfitting of the new facility and will affect the city’s long-term debt and property-tax levy. Godek said the proposed debt would amortize over 15 years to reduce near-term tax impact; staff estimated a median homeowner’s cost of about $19.92 per year. Council policy 75 limits debt ratios; staff reported the issuance would remain well within policy limits.

Key details: - Project total: $46,756,600 (construction, soft costs, furniture/fixtures/equipment, contingency). - City-authorized construction funding: $15,300,000; other sources: state $15,000,000, private fundraising $9,000,000, federal appropriation $5,000,000, and other smaller contributions. - The July 26 resolution (File Res. 2025-2362) authorizes issuance of taxable notes because a portion of facility use and ownership implicates private-purpose rules under federal tax code; taxable notes typically carry higher rates than tax-exempt GO debt. - Staff projected an indicative interest assumption (approx. 5.1%) and said the structure allows for premium or discount bids; staff and the city’s financial advisor will return with a final award resolution on Sept. 8, 2025.

Council action: Councilmember Williams moved to adopt the resolution authorizing the promissory notes; Vice President Squire seconded and the motion passed unanimously.

What’s next: Finance staff will finalize the exact amount to be offered at sale and return on Sept. 8 with a recommendation to award the sale and set interest terms. The city will establish the levy to support debt service after the sale is finalized.

Provenance: transcript excerpts below show the staff presentation of the WSCC budget and the council’s vote to authorize the note issuance.