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Tuesday, August 23, 2016

Janesville Economic Director: Downtown Activity Is So Promising, Core Businesses Are Leaving

Kool-Aid is served.

After hearing Chase Bank will be closing a major branch in Downtown Janesville, the city's economic director chimed:

JG Excerpt:
“I'm disappointed Chase is choosing to leave downtown, because anytime you have a financial institution in a downtown, that would seem to say it's your core service," Price said. "But the whole retail banking game is evolving so much. It's got to make sense to the bank to have facilities operating in a given sector of town. So on the other hand, I don't want to be too negative about this. They might have decided downtown is in a good place to sell now.”

Price of course is the mastermind of the recently approved Downtown TIF District. The TIF is designed to quarantine an estimated $30 million in future assessed property taxes from Janesville general fund operations over the next 27 years. The money will be used to fund Forward Janesville's pet project, ARISE, and to pad investor groups portfolios.

So have no fear Janesville taxpayers. The city administration will help the owners find buyers or tenants - even if it cost us millions.

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