2025-2299
Resolution No. 2025-2299 A resolution approving a TIF Development Agreement with Fredendall LLC for the
renovation and redevelopment of commercial property located at 37 South Main Street and located within Janesville’s Tax Incremental District No. 36 WHEREAS, Sections 66.1105 and 66.1101 of Wisconsin Statutes authorize cities to utilize tax increment financing to promote industry and implement economic development
projects; and
WHEREAS, the Janesville Common Council have authorized the use of Tax Incremental Districts (TID) for residential development and Tax Incremental Financing (TIF) development agreements to facilitate the overall economic benefit of the City of Janesville
(CoJ) when they adopted Council Policy Statement No. 61 (Economic Development
Policy) in 1994 and further modified as Council Policy Statement No. 61B (Commercial Economic Development Policy) in 2020; and, WHEREAS, the CoJ recognizes the importance of reactivating vacant upper-story space
for residential units in Janesville’s downtown; and
WHEREAS, Fredendall LLC (developer) and the CoJ have negotiated a certain TIF Development Agreement which, in major part, calls for the CoJ to provide a pay-as-you-go development incentive for fifteen (15) years not to exceed ninety (90) percent of the
newly created actual real estate tax for the subject tax year less the base real estate
taxes, to be used for redevelopment of the property at 37 South Main Street; and WHEREAS, the Common Council of the CoJ hereby find the approval of this particular negotiated TIF Development Agreement with Fredendall LLC to be in the best interest
and of benefit to the CoJ, its citizens, residents, taxpayers, and the overall community;
NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of Janesville that the Administration’s negotiated TIF Development Agreement with the Fredendall LLC and the TIF development incentives described above are hereby approved and
authorized, according to the terms and conditions set forth in the specific TIF
Development Agreement, and BE IT FURTHER RESOLVED, that the City Manager, on behalf of the City of Janesville, and those he authorizes on his behalf is/are hereby authorized to negotiate, draft, modify,
amend, review, enter into, and file all such other documents, papers, and agreements,
take whatever other actions, and to make and enter into whatever other changes and amendments to the TIF Development Agreement, and such other documents and agreements, which the City Manager may, from time to time, deem necessary and/or desirable to effectuate the intent of this Resolution.
Resolution No. 2025-2299 Page 2
ADOPTED: January 27, 2025
APPROVED:
Kevin M. Lahner, City Manager
ATTEST:
Lorena Rae Stottler, City Clerk-Treasurer
APPROVED AS TO FORM:
Wald Klimczyk, City Attorney
Proposed by: Economic Development Office Prepared by: Economic Development Office
Motion by: Squire
Second by: Neeno
Councilmember Aye Nay Pass Absent
Burdick x
Jackson x
Marshick x
Miller x
Neeno x
Squire x
Williams x
2025-2299
Final Audit Report 2025-02-02
Created:2025-02-02
By:Lorena Stottler (stottlerl@janesvillewi.gov)
Status:Signed
Transaction ID:CBJCHBCAABAA2w_whf12FoG1u6XaFAL2PxNH3u2Pz8Dz
"2025-2299" History
Document created by Lorena Stottler (stottlerl@janesvillewi.gov)
2025-02-02 - 2:14:04 AM GMT
Document emailed to Kevin Lahner (lahnerk@janesvillewi.gov) for signature
2025-02-02 - 2:14:07 AM GMT
Email viewed by Kevin Lahner (lahnerk@janesvillewi.gov)
2025-02-02 - 11:59:23 AM GMT
Document e-signed by Kevin Lahner (lahnerk@janesvillewi.gov)
Signature Date: 2025-02-02 - 11:59:42 AM GMT - Time Source: server
Document emailed to Lorena Stottler (stottlerl@janesvillewi.gov) for signature
2025-02-02 - 11:59:44 AM GMT
Email viewed by Lorena Stottler (stottlerl@janesvillewi.gov)
2025-02-02 - 5:25:46 PM GMT
Document e-signed by Lorena Stottler (stottlerl@janesvillewi.gov)
Signature Date: 2025-02-02 - 5:25:56 PM GMT - Time Source: server
Agreement completed.
2025-02-02 - 5:25:56 PM GMT