2006-266
Resolution 2006 - 266
A Resolution Approving a TIF Development Agreement with and Authorizing a
$50,000 TIF Development Loan to Freedom Plastics, Inc. -- TIF No. 15
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 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 (Economic Development
Policy) on the 13th day of June, 1994; and,
WHEREAS, Freedom Plastics Inc (hereinafter "Freedom"), desires to construct a new
corporate training center in their manufacturing complex on Arch St. in Tax Increment
Finance (TIF) District No. 15; and
WHEREAS, Freedom and the City have negotiated a TIF Development Agreement and
Promissory Note, a copy of which is attached hereto and incorporated herein as if fully
set forth, and which calls for the City to loan Freedom $50,000 to assist in the
construction of the corporate training center; and
WHEREAS, the Common Council of the City of Janesville lawfully created TI F No. 15
and amended the Project Plan on the 13th day of March, 2006 which TIF District
amendment was duly reviewed and approved by all necessary boards and commissions;
and,
WHEREAS, the Common Council of the City of Janesville finds the approval of the TIF
Development Agreement and the making of a $50,000 Development Loan to Freedom
Plastics in TIF No. 15 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 approves TIF Development Agreement and Promissory Note
with Freedom Plastics, Inc. and authorizes a $50,000 TIF Development Loan to
Freedom Plastics according to the terms and conditions set forth in the attached TIF
Development Agreement and Promissory Note, and
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 Promissory
Note, 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 2006- 266
Page 2
ADOPTED:
March 27, 2006
AP~VED:
rz~4 d~
c.-steven E. Sheiffer, City Manager
an Ann Wulf, City Clerk-TreaSUry
APPROVED AS TO FORM:
I//d~/f
Citý' Attorney
Proposed by: City Manager
Prepared by: Economic Development Director
MOTION BY: DeGarmo
SECOND BY: Addie
COUNCIL- AYE NAY PASS ABSENT
MEMBER
BRUNNER X
BRIEN X
WILLIAMS X
WELLNITZ, TIM X
WELLNITZ, TOM X
DEGARMO X
ADDIE X