2006-254
Resolution 2006 - 254
Resolution Approving an Offer to Purchase Property Located at
206 N. Jackson St. for a Purchase Price of $185,000 Using TIF No. 24 Funds
Whereas, Wis. Stats. §§ 62.22 (1), 62.23 (17) (a), 62.23 (17) (b), 66.0101,
62.11 (5) and Chapter 32 of Wisconsin Statutes permit the City's acquisition,
development, ownership, protection, improvement of real property for public
purposes; and
Whereas, Wis. Stats. § 66.1105 grants cities the power to create and implement
project plans for tax incremental finance districts including the expenditure of
funds for real property assembly, and
Whereas, the Common Council of the City of Janesville created Tax Increment
Finance (TIF) District No. 24 by adopting Resolution 2002-269 on September 9,
2006; and
Whereas, the Project Plan for TIF No 24 contemplated the purchase of
properties within TIF No. 24 to assemble future redevelopment sites; and
Whereas, the City of Janesville has negotiated an offer to purchase the Cochand
property located at 206 N. Jackson S1. in the amount of $185,000; and,
Whereas, the City estimates this property acquisition will cost an additional
$78,000 for the payment of relocation benefits, environmental testing and
monitoring, and the future demolition of the structure; and
Whereas, the acquisition of the Cochand property, any relocation payment, and
environmental testing and monitoring costs are eligible project costs for TIF No.
24 and funding for these costs will be provided through TIF No. 24; and
Whereas, the Janesville Plan Commission has reviewed the proposed
acquisition of the Cochand property at its February 6, 2006 meeting and found
such purchase to be consistent with City Downtown Plan and TIF No. 24 Project
Plan; and
WHEREAS, the Common Council hereby find that such real property purchase
constitutes a public purpose that benefits the community and promotes the
health, welfare, safety and best interests of the City; its residents, businesses
and visitors; and
Resolution 2006 - 254
Page 2
Now, Therefore be it Resolved, by the Common Council of the City of
Janesville that it hereby approves the Offer to Purchase the property at 206 N.
Jackson S1. and authorizes the City Manager and/or his designee to purchase
the property on behalf of the City from the Cochand Revocable Trust for a
purchase price of $185,000; and
BE IT FURTHER RESOLVED, that the City Manager and/or his designee(s) on
behalf of the City of Janesville is/are hereby authorized and empowered to
negotiate, draft, modify, review, execute, and enter into additional agreements,
record, file and/or make minor modifications and/or amendments to any and all
documents, papers, forms, and agreements, and to take whatever other actions
as the City Manager may determine, from time to time and at any time,
necessary and/or desirable to effectuate the intent of this resolution and/or the
public good.
ADOPTED:
April 10, 2006
Motion by: DeGarmo
Second by: Tim Wellnitz
Councilmember Aye Nay Pass Absent
Brunner X
Brien X
Williams X
Wellnitz, Tim X
Wellnitz, Tom X
DeGarmo X
Addie X
APPROVED:
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Steven E. Sheiffer, City···· nager
ATTEST:
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APPROVED AS TO FORM:
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City Attorney f )
Proposed by: City Manager
Prepared by: Economic Development Director