Janesville city staff asked the city council for guidance on how to handle the Reflections Plaza project during their meeting Monday night.
Blackhawk Community Credit Union is asking the city to acquire and clean up the properties along the Rock River between Hedburg Public Library and Court Street, to then sell them to Blackhawk for $1 to build the plaza.
That process could cost the city upward of $7 million, but they could then start collecting property tax on the proposed $30 million project.
City Clerk Dave Godek says the city wouldn’t collect any property tax on the land until the end of 2020 after it’s reassessed.
City Manager Mark Freitag says it’s too early for the city to tell exactly what the project’s assessed value will be.
The city council expressed overall support for the project, but they want to be careful to protect the city’s taxpayers.
Blackhawk Community Credit Union is asking the city to handle the costs upfront rather than a pay-as-you-go, tax incremental financing agreement.
