2006-258
Resolution No. 2006 - 258
A Resolution Approving a TIF Development Agreement with Burton Family
Investments, LLC (Peñormance Micro Tool) and Authorizing the Sale of a 2.5 Acre
Industrial Site to Burton Family Investments, LLC
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 Common Council of the City of Janesville adopted Resolution 2002-270
creating Tax Increment Finance (TIF) District No. 25 on October 28,2002 in order to
develop a new industrial park on the City's north side; and
WHEREAS, the Common Council has authorized the use of Tax Increment Financing
Districts for industrial site development and TIF Development agreements when the
Council adopted amended Council Policy Statement No. 61 (Industrial Development
Policy) on the 13th day of June, 1994; and,
WHEREAS, Burton Family Investments, LLC., a Wisconsin Subchapter "S" corporation
desires to construct a new 6,000 sf industrial building in Tax Increment Finance (TIF)
District No. 25 for lease to Performance Micro Tool, Inc. according to the terms of a TIF
Development Agreement attached hereto and incorporated herein as if fully set forth;
and
WHEREAS, the City desires to convey a 2.5 acre industrial site to Burton Family
Investments, LLC for a purchase price of $30,800 according to the terms, conditions,
and guarantees set forth in the attached TIF Development Agreement; and
WHEREAS; the Plan Commission reviewed the sale of industrial properties within TIF
No. 25 at the time this TIF district was created, and found such sale to be consistent
with City plans, but did not comment on the financial aspects of any specific transaction;
and
WHEREAS, the Common Council of the City of Janesville find the approval of the TIF
Development Agreement with Burton Family Investments, LLC, and the sale of the 2.5
acre industrial site in TIF No. 25 to Burton Family Investments, LLC, to be in the best
interest of and benefit to the City, its citizens, and the overall community;
NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of
Janesville that it hereby:
1. Approves the TIF Development Agreement with Burton Family
Investments, LLC.
2. Approves the sale of a 14.6 acre industrial site to Burton Family
Investments, LLC according to the terms and conditions set forth in
the TI F Development Agreement.
Resolution 2006 - 258
Page 2
BE IT FURTHER RESOLVED, that the City Manager, on behalf of the City of Janesville,
is hereby authorized to negotiate, draft, modify, amend, review, and file all such other
documents, papers, and agreements, to take whatever other actions, and to make
whatever 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.
ADOPTED:
February 27, 2006
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
APPROVED:
ATTEST:
APPROVE~~
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City Attorney
Proposed by: City Manager
Prepared by: Economic Development Director