2006-272
Resolution No. 2006 - 272
A Resolution Approving Amendment No.1 to the TIF Development Agreement with
Burton Family Investments, LLC (Performance 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 City Council previously adopted Resolution 2006-258 approving a TIF
Development Agreement with Burton Family Investments, LLC and authorizing the sale of a
2.5 acre industrial site in TIF No. 25 to Burton Family Investments, LLC;, and
WHEREAS, Paragraph V.N. of the TIF Development Agreement allows for the written
amendment of the TIF Development Agreement;, and
WHEREAS, Burton Family Investments, LLC and the City of Janesville both desire to amend
the terms of the TIF Development Agreement according to the provisions of Amendment No.
1 to the TIF Development Agreement between the parties, a copy of which is attached hereto
and incorporated herein as if fully set forth; 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 Amendment
NO.1 to 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
Resolution 2006 - 272
Page 2
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 Amendment NO.1 to the TIF Development Agreement with Burton
Family Investments, LLC.
2. Approves the sale of a 2.5 acre industrial site to Burton Family Investments
according to the terms and conditions set forth in the TIF Development
Agreement as amended.
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.
March 27, 2006
Motion by: DeGarmo
Second by: Brien
Councilmember Aye Nay Pass Absent
Brunner X
Brien X
Williams X
Wellnitz, Tim X
Wellnitz, Tom X
DeGarmo X
Addie X
ADOPTED:
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Steven E. Sheiffer, City Manager
Proposed by: City Manager
Prepared by: Economic Development Director