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Council approves TIF aid for $3.5 million renovation at 37 South Main to add downtown housing
Summary
The council authorized a pay‑as‑you‑go tax increment financing agreement supporting renovation of a historic downtown building at 37 South Main into retail plus 10 residential units, with a maximum TIF assistance of $375,305 over 15 years.
The Janesville City Council on Jan. 27 authorized a tax incremental financing development agreement with Friedenall LLC to renovate 37 South Main Street in the downtown historic district, using a pay‑as‑you‑go TIF over a 15‑year term with maximum assistance capped at $375,305.
City staff described the project as a $3.5 million renovation of a four‑story, historically designated building that will retain first‑floor retail space and convert the second and third floors into about 10 market‑rate residential units, totaling roughly 9,000 square feet of residential area. The property's current assessment is…
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