JANESVILLE — As city leaders wait to see if Janesville will qualify for major funding from the state for its proposed ice arena and convention center on Milton Avenue, the project remains in wait-and-see mode.
To date, the project is about $18 million short of its $50.3 million goal, according to the city. (Page 7 of the FAQ)
The city currently is waiting on a possible $15 million from the state, and Rock County has proposed a half million dollar donation in its 2024 budget.
On the minus side, the city lost out earlier this year on a $4 million U.S. Department of Commerce grant. The city’s FAQ currently now lists an amount of $3,153 million as “other.”
Other funding sources as of October 1, according to the city, include:
$17.3 million in city borrowing, approved by the council in December.
$2 million already allocated by the city for design.
$5 million in a federal appropriation already approved.
$7.4 million of $9 million in proposed private sector fundraising donations.
$431,600 from the Janesville Jets, the primary tenant of the project, and school districts.
The total committed so far comes to about $32.1 million, not including the proposed county contribution.