Downtown Janesville could be home to a new hotel by the end of next year.
Economic Development Coordinator Dayna Sarver says the City Council is considering a tax incremental financing agreement with a developer looking to construct a Cobblestone Hotel.
The TIF agreement under consideration by the City Council Monday night would provide the developer with the plot of land that current holds a municipal parking lot, along with an $800,000 cash incentive. In exchange the developer is guaranteeing an $86,000 tax increment.
The four-story, 53-room hotel on the Northwest corner of West Milwaukee and River Streets would be Janesville’s first new hotel since 1996 and the the first new commercial development downtown in 10 years.
