City Of Janesville issued the following announcement on April 14.
On Monday, April 11, the Janesville City Council approved three Tax Increment Financing (TIF) Development Agreements. These included entering a jobs agreement with Serta Simmons Bedding (SSB), a development agreement with TI Janesville X, and a development agreement with TI Janesville XI, both latter deals to develop and occupy property located at 200 Innovation Drive in the City of Janesville.
The development agreement with TI Janesville X will include the construction of a 500,000 square feet facility at 200 Innovation Drive, matching the needs of the proposed SBB operation. The project will add $19,500,000 in projected and guaranteed total property value and $429,000 in guaranteed annual new increment. The deal’s development incentive, in yearly installments, will be $170,239 over nine years, not to exceed $1,532,151.
Under the City’s agreement with TI Janesville XI, the firm will construct an additional 286,000 square foot facility at 200 Innovation Drive. That development will add $11,154,000 in projected and guaranteed total property value and $245,388 in guaranteed annual new increment. The incentive included under that deal consists of a yearly installment of $105,800 over nine years, not to exceed $ $952,219.
The jobs agreement with SBB, a national bedding manufacturer, will see the firm consolidate its current operations in Janesville and Beloit with a plan to locate in the development at 200 Innovation Drive. SBB will provide current employees the opportunity to transfer to the new facility and under the terms of the City’s jobs agreement, will create an additional 100 full-time positions. The new positions will meet living wage equivalent standards, as established by the Massachusetts Institute for Technology’s Living Wage Index. The total aggregate incentive for SBB under the agreement will not exceed $389,750 or $433.06 per job per year.
“We are happy to use one of the few economic development tools we have in the State of Wisconsin to support this development,” added Janesville City Manager Mark Freitag. “I’m proud of our team and partners at Rock County for diligently coordinating efforts between Serta Simmons Bedding, the developer, and the City.”
For questions, contact the City Manager’s Office at (608) 755-3177.
Original source can be found here.
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