The Janesville City Council approves a tax incremental financing agreement for the redevelopment of the Monterrey Hotel.
The pay-as-you-go incentive will provide over $1.7 million to help developers turn the historic downtown property into a 51-unit apartment building.
The developers plan to maintain the exterior appearance, converting the first floor into a commercial storefront and adding 39 parking spaces next to the building.
Janesville Economic Development Director Gale Price sees the project as a catalyst for further redevelopment in that area of downtown.
Construction is scheduled to begin in March, with the property ready for tenants by spring of 2022.
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