The Janesville City Council approves significant incentives for a developer to build apartments at the site of the former youth baseball diamonds off of Woodman Road.
Finance Director Max Gagin said the city will likely take out a 20-year bond note to help get the 115-unit complex off the ground.
“When we do developer incentives, we always look at what cash is available,” Gagin told the city council Monday night. “This project, at $3.3 million, is one of the largest developer incentives in the city’s history.”
Economic Development Director Gale Price said they built in some protections in the tax incremental financing agreement to mitigate some of the city’s risk in the deal.
Horizon Development Group and Johnson Acquisition Corporation, which will operate Diamond Ridge Apartments LLC, will have to hit certain benchmarks through the development process as the city recoups its loan investment.
The total project for market-rate rental units is valued at $10.7 million. The developers don’t see its proximity to Milton Avenue as a conflict for potential residents.
City council members expressed support for the deal, acknowledging the risk while recognizing the need for such a project. Paul Williams was the only council member to vote against the agreement.
