2006-251
Resolution 2006 - 251
A Resolution Approving an Assignment, Assumption, Approval, and Release
Agreement which Authorizes the Sale of the Centerway Burger King to
Gabe and Karen Fazzini
WHEREAS, the City entered into a TIF Development Agreement with Steven D. Williams and
Image Restaurants, Inc., dated June 13,1995 (hereinafter "TIF Agreement"); and
WHEREAS, the City entered into an Assignment, Assumption, Approval, and Release
Agreement with Nath Property Company Limited Partnership dated January 2, 1997
(hereinafter "Nath Assignment Agreement"); and
WHEREAS, the City entered into an Assignment, Assumption, Approval and Release
Agreement with CNL Net Lease Funding 2003, LLP (hereinafter "CNL, LLP") dated July 15,
2005 (hereinafter "CNL Assignment Agreement"); and
WHEREAS, Section IV.C. of said TIF Agreement prohibits the sale of the Burger King located
at 400 W. Centerway (hereinafter "Property") without the written approval of the City, which
approval shall not be unreasonably withheld; and
WHEREAS, CNL, LLP has requested the City approve the sale of the Centerway Burger King
Restaurant to Gabe and Karen Fazzini (hereinafter, "Fazzini"); and
WHEREAS, the parties to the sale have proposed an Assignment, Assumption, Approval,
and Release Agreement (hereinafter "Fazzini Assignment Agreement"), a copy of which is
attached and incorporated herein as if fully set forth; and
WHEREAS, under the terms of the Fazzini Assignment Agreement, Fazzini agrees to
assume the minimum property value and minimum property tax payment guarantees
according to Section IV.B.6. of the TIF Agreement which will ensure that future guaranteed
TIF property tax revenues will accrue to the City to pay for City TIF development costs
according to the terms of the TIF Agreement; and
WHEREAS, the Common Council of the City of Janesville does hereby find the proposed
Fazzini Assignment Agreement to be in the best interest of the citizens of the community and
in the best interests of the City of Janesville;
NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of Janesville,
that it hereby approves the sale of the Centerway Burger King (Property) to Gabe and Karen
Fazzini, and authorizes the City Manager to execute, on behalf of the City, the attached
Fazzini Assignment Agreement; and
BE IT FURTHER RESOLVED, by the Common Council that the City Manager and his
designees, are hereby authorized to negotiate, draft, prepare, execute, file, and modify such
other documents, papers, and agreements ancillary and/or pertaining thereto, and from time
to time to take and/or make whatever other minor actions and/or modifications to the above
described Agreements as the City Manager and/or his designees may deem necessary
and/or desirable to effectuate the purposes of such Agreements and the intent of this
resolution.
Resolution 2006 - 251
Page 2
ADOPTED:
February 13, 2006
ATTEST:
APPROVED~
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City Attorney
Proposed by: City Manager
Prepared by: Economic Development Director
Motion by: Williams
Second by: Brunner
Councilmember Aye Nay Pass Absent
Brunner X
Brien X
Williams X
Wellnitz, Tim X
Wellnitz, Tom X
DeGarmo X
Addie X