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Council approves 1 Parker Place TIF deal after debate over 90% increment share
Summary
The Janesville Common Council voted 6-1 to approve a TIF development agreement with 1 Parker LLC to renovate 1 Parker Place, authorizing up to $1,494,000 in tax-increment assistance and a $175,000 upfront environmental payment; one councilor said the 90% increment share gives away too much early revenue.
The Janesville Common Council approved a tax-increment financing (TIF) development agreement with 1 Parker LLC to renovate the 107,000-square-foot 1 Parker Place building in downtown Janesville.
Economic development staff said the project would be a roughly $5.9 million renovation including asbestos and environmental cleanup, HVAC and elevator upgrades, exterior concrete and roofing work, and interior improvements to make the building marketable. Staff told the council the property’s assessed value is currently about $607,000 and could be assessed at roughly $6,000,000 after the project. The plan calls for a pay‑as‑you‑go TIF that would capture 90% of new increment for 15 years, an initial…
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