Sunday, April 7, 2019

Blackhawk Community CU Proposes New Deal to City for HQ Building

Blackhawk Community Credit Union is asking the city of Janesville to cover site preparation costs for its proposed downtown headquarters instead of a more traditional tax increment financing deal.

Under the proposed arrangement, the city would pay an estimated $7.1 million upfront to acquire and demolish properties, relocate utilities, and perform an environmental cleanup, according to a city memorandum.

That contrasts with the city’s original offer—a 15-year, $6.1 million, pay-as-you-go TIF deal plus $1.9 million in upfront costs for an $8 million city investment.

Read the memorandum.

Read the story.

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