2026-2424
Resolution No. 2026-2424 A resolution approving a TIF Development Agreement with River Street
Renaissance LLC for the construction of a multi-family residential building located at 20 South River 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 constructing residential units in Janesville’s downtown; and WHEREAS, River Street Renaissance 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 development of the property at 20 South River Street; and
WHEREAS, After the fifth (5th) Anniversary of the completion of construction, if the
Internal Rate of Return exceeds fifteen percent (15%) with the pay-as-you-go development incentive, the City shall adjust the development incentive to reduce and return the Intermale Rate of Return to fifteen percent (15%); and
WHEREAS, the Common Council of the CoJ hereby finds the approval of this particular
negotiated TIF Development Agreement with River Street Renaissance 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 River Street Renaissance 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. 2026-2424 Page 2
ADOPTED: May 11, 2026
APPROVED:
Kevin Lahner, City Manager
ATTEST:
Lorena Rae Stottler, City Clerk-Treasurer
APPROVED AS TO FORM:
Wald Klimczyk, City Attorney
Proposed by: Economic Development Office
Motion by: Neeno
Second by: Cass
Councilmember Aye Nay Pass Absent
Cass X
Erdman X
Miller X
Neeno X
Pope X
Seeman X
Squire X
2026-2424
Final Audit Report 2026-05-12
Created:2026-05-12
By:Lorena Stottler (stottlerl@janesvillewi.gov)
Status:Signed
Transaction ID:CBJCHBCAABAAfYSMMu7egWZlLEcK-P3iHkQsCI77EiP9
"2026-2424" History
Document created by Lorena Stottler (stottlerl@janesvillewi.gov)
2026-05-12 - 4:56:33 PM GMT
Document emailed to Kevin Lahner (lahnerk@janesvillewi.gov) for signature
2026-05-12 - 4:56:37 PM GMT
Document emailed to Lorena Stottler (stottlerl@janesvillewi.gov) for signature
2026-05-12 - 4:56:38 PM GMT
Document e-signed by Lorena Stottler (stottlerl@janesvillewi.gov)
Signature Date: 2026-05-12 - 5:13:55 PM GMT - Time Source: server - Signature Appearance Selected: IMAGE
Email viewed by Kevin Lahner (lahnerk@janesvillewi.gov)
2026-05-12 - 5:47:53 PM GMT
Document e-signed by Kevin Lahner (lahnerk@janesvillewi.gov)
Signature Date: 2026-05-12 - 5:48:04 PM GMT - Time Source: server - Signature Appearance Selected: IMAGE
Agreement completed.
2026-05-12 - 5:48:04 PM GMT