Forward Janesville - TheReport - First Quarter 2024

project’s three largest private donors had come through and efforts were heavily focused around securing grant funding and support from state and federal entities by way of COVID-19 funding. The project was passed on during some of the state’s early rounds of relief funding, but momentum continued. The overall cost of the project and the community’s public contribution to the cost have been hotly discussed since the project’s inception. These conversations swelled in 2022 and 2023 as price estimates ballooned past what had been previously projected. With estimates exceeding the initial $30-$40 million price point to up to $60 million, skepticism grew and feasibility seemed to be slipping out of reach in some minds. To add to the challenges, Gov. Tony Evers’ pitch to provide the project with $15 million in state aid was nixed from the state’s budget by the joint- finance committee. That was on top of Rock County removing project support from its budget. “When you got the $60 million price tag and no state money committed, a lot of people said the city should give up on this,” said Benson. “I will give credit to city and private leadership that kept the project going. I think in the face of a lot of adversity, it was definitely the narrative that the project was done. But people didn’t give up.” Project leaders and city officials spent a lot of time volleying back and forth to find ways to pare down costs while maintaining the scope of the project. Teams found cost-saving opportunities and got creative in the project’s design. Momentum continued to build, including up to the federal and state levels. In December 2022, Sen. Tammy Baldwin announced she secured $5 million in federal funding for the Woodman’s Center as part of the Senate Appropriations Legislation. Then, nearly a year later, Evers’ office came through with funding from COVID-19 relief money to fill the $15 million deficit previously cut by the joint-finance committee. A month later, Janesville-based contractor JP Cullen put the icing on the cake when they put in a low bid of $38.1 million, right within reach of the project’s original projections. The final price tag for the project is $46.7 million, with just 37% of the project being funded through local public dollars. Of the lessons learned in this project, the greatest is in resiliency. The believers in the project stayed firm in their ambitions and because of that, the Woodman’s Center is no longer a “what if,” it’s a “when.” Inspiring Others The Woodman’s Center project is a significant bullet-point on the city’s resume of public-private partnerships that local leaders say will set Janesville up for further success. The city’s first foray into large-scale public-private revitalization was the ARISE downtown redevelopment plan. The ARISE Plan paved the way for projects like the Town Square and Festival Street, sponsored by Blackhawk Community Credit Union, an expanded Janesville Farmers Market, added information kiosks, the Blain Gilbertson Family Heritage Pedestrian Bridge, and more. The Woodman’s Center project capitalized on the momentum and foundationARISE built. “It absolutely helps build the portfolio and the resume and the track record. It strengthens relationships in the community between government and the business community,” Payne said. “We were successful and supported by the largest private fundraising campaign in the city's history. A lot of business owners recognized what we needed to do to make Janesville special. How do we diversify offerings and amenities for possible employees? And families? And business partners? And shoppers to this community?” With two significant examples of private-public partnerships, Janesville is in a position to become a leader in community-driven economic development. Just as Janesville leaders and the Friends grouped looked to other communities for examples on what to do and not to do, other communities will look at Janesville’s story to help them craft their own journeys. “I think it absolutely helps tell our story and allows other people to see when the Janesville community puts our minds to it, we have some credibility,” Payne said. The work done to thoroughly vet the project’s location and feasibility provides a roadmap for other communities and makes things a whole lot easier for Janesville’s business community to 8 | FORWARD JANESVILLE Of the lessons learned in this project, the greatest is in resiliency. The believers in the project stayed firm in their ambitions and because of that, theWoodman’s Center is no longer a “what if,” it’s a “when.” Current cost estimate for the project - $46,756,600 Funding souces total - $46,756,000 Contruction $38,129,609 Contingencies – Construction & Design $3,860,637 City Borrowing $15,300,000 State Capital Funding $15,000,000 Private Sector Fundraising $9,000,000 Federal Appropriation $5,000,000 City (Allocation for Design) $2,000,000 Other $ 66,600 Contribution from Jets $390,000 Owner’s Furniture, Fixtures & Equipment $1,443,582 Owner’s Soft Cost $3,322,772