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Monday, March 14, 2016

Janesville Industrial Space: Demand So High, Developers Need "Incentives" From Government To Build Supply

Lately, particularly since I exposed how TIF District agreements are largely responsible for annual city budget shortfalls for the foreseeable future in Janesville, it's getting unnecessary to add my "rock n'roots" perspective to follow-ups for context - and that's a good sign.

It's fairly plain to see in the newspaper excerpt below that Janesville officials are expertly working hand-in-hand in a circular charade to represent select developers in the confiscation of tax revenue to fund supply "incentives" in a market they insist is under high demand pressure.

JG Excerpt:
The deal involves the city handing over 9.6 acres valued at $410,000 and a $211,900 forgivable loan. The acreage is enough to accommodate an expansion that would double the facility's size in the future, if necessary.

A memo to the council written by Economic Development Director Gale Price notes there is “nearly zero” vacant “class A” industrial space in the city, despite high demand for it. That has city officials and developers feeling confident the building would attract businesses quickly.

The Gazette actually have the numbers reversed. The land is valued at $211,900 and the cash is $410,000, but who's paying attention or counting?

Still, it's pretty much a circus monkey ransom note from folks who want to soothe our pain of having nearly zero vacant industrial space by giving them free land and cash to build industrial space that would attract tenants so quickly, they'll notice we have “nearly zero” vacant class "A" industrial space just in time again for the next ransom note demanding more free land and money to build class "A" industrial space ...despite high demand for it. Ad nauseam.

Except for the folks who are smart enough to regularly visit here, the average Janesville resident is being fed a steady diet of redirection and misinformation from the Janesville Gazette and their establishment pawns to avoid understanding the real drivers of the city's expected budget shortfalls and the free market inversion taking place at city hall.

Normally I would say it's a shame that people don't know what is going on in their local government, but I would have to think they care first.

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