2007-372
Resolution 2007 - 372
A Resolution Approving Clinton Machine Co., Inc. Mortgages
on their property at 400 Freedom Lane as Security for General Business Financing
WHEREAS, the City entered into a TIF Development Agreement with Podnar Properties, LLC
and Clinton Machine Co., Inc., dated November 16, 2005 (hereinafter "TIF Agreement"); and
WHEREAS, the City also entered into an Assignment, Assumption, and Consent Agreement
dated November 14, 2006 (hereinafter "Podnar Assignment Agreement"); and
WHEREAS, Section IV.C. of said TIF Agreement limits the mortgaging of the property without
the written approval of the City, which approval shall not be unreasonably withheld; and
WHEREAS, Podnar Properties, LLC and Clinton Machine Co, Inc. have requested the City
approve mortgages against the property at 400 Freedom Lane security for general business
financing for the company; and
WHEREAS, under the terms of the Podnar Assignment Agreement, Clinton Distribution
agreed to assume the minimum property value and minimum property tax payment
guarantees according to Section IV.B.9. of the TIF Agreement which will ensure that future
guaranteed TI F property tax revenues will accrue to the City to pay for City TI F development
costs according to the terms of the TIF Agreement; and
WHEREAS, the Common Council of the City of Janesville does hereby find that approving
the proposed Clinton Machine Co. mortgages are necessary to the efficient and profitable
operation of the Company which is 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 mortgaging of the Clinton Machine Co. property at 400 Freedom
Lane as security for general business financing; 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 2007- 372
Page 2
ADOPTED:
January 30, 2007
APPROVED:
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ATTEST:
APPROVED AS TO FORM:
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City Attorney
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Proposed by: City Manager
Prepared by: Economic Development Director
Motion by: Williams
Second by: DeGarmo
Council member Aye Nay Pass Absent
Brien X
Wellnitz, Tom X
Williams X
Brunner X
Wellnitz, Tim X
DeGarmo X
Addie X