| By Big Radio News Staff |
The city of Janesville learns soon how its appraisal of the former General Motors and JATCO sites stacks up against the owner’s estimate of what the 250-acre property is worth.
City Economic Development Director Jimsi Kuborn says the city has handed owner Commercial Development an appraisal that treats the barren former GM property as though it is shovel-ready for redevelopment.
Now, the ball is in Commercial Development’s court to respond with its own appraisal.
If the city and Commercial Development don’t reach an agreement on the property’s value, then the city will take the deed for the blighted property through condemnation and a circuit court judge will decide how much the city should pay for the property.
The city hopes to get controlling ownership of the property in early 2025.
That would be as the Environmental Protection Agency goes into final steps vetting the city’s application for a $20 million grant to bring a housing and green space to part of the JATCO site.
