2007-405
RESOLUTION No. 2007 - 405
A Resolution Approving a TIF Development Agreement with 0 & S Ventures, Inc.;
Approving an $82,500 TIF Development Loan and an $82,500 CDBG Second Floor
Accessibility Loan to 0 & S Ventures to Install an Elevator at 10 N. Parker Dr. in TIF No.
23
WHEREAS, the Common Council of the City of Janesville created Tax Incremental Finance
(TIF) District No. 23 on September 9, 2002 in order to stimulate the redevelopment of properties
along E. Milwaukee St. and North Parker Drive in downtown Janesville; and
WHEREAS, D & S Ventures, Inc. has proposed the renovation of the property at 10 N. Parker
Drive to install an elevator to provide handicapped accessibility to the second and third floors of
the property ("Project"), and
WHEREAS, D & S Ventures, Inc. has requested redevelopment assistance to complete this
Project consistent with the objectives and proposed expenditures set forth in the Project Plan for
TIF District No. 23 and consistent with the objectives of the Community Development Block
Grant Second Floor Accessibility program; and,
WHEREAS, the City and D & S Ventures, Inc. have negotiated a TIF Development Agreement
and related Promissory Note ("Agreement/Note"), true and correct photocopies of which are
attached hereto and incorporated herein by reference as if fully set forth verbatim, and which
Agreement sets forth the terms and conditions of City redevelopment assistance including:
1. The making of an $82,500 TIF Development Loan from the City to D & S
Ventures, Inc.
2. The making of an $82,500 CDBG Second Floor Accessibility Loan to D & S
Ventures, Inc.; and
WHEREAS, the Community Development Authority, at their May 16, 2007 meeting, reviewed
the proposed $82,500 CDBG Loan and that the Common Council of the City of Janesville
approve the making of this loan to D & S Ventures, Inc.; and
WHEREAS, the Common Council of the City of Janesville do hereby find that the proposed TIF
Development Agreement, the proposed $82,500 TIF Development Loan, and separate $82,500
CDBG Loan to install an elevator at 10 North Parker Drive are each in the best interest and to
the benefit of the citizens, the renovation and development of the City's downtown, of benefit to
the community and the City's health, safety, welfare and good order; and
WHEREAS, various Wisconsin's laws including, but not limited to, Wis. Stats. ~~ 62.11 (5),
62.22(1), 66.0101, 66.1103 and 66.1105 jointly and severally empower the Common Council
and the City to enter into these transactions as part of this TIF development project.
NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of Janesville that:
1. Each of the above recitals and findings is reiterated and incorporated
herein by reference as if fully set forth verbatim; and
2. The attached Agreement/Note by and between the City and D & S is
hereby authorized and approved; the City Administration may enter into
said Agreements and Notes on behalf of the City, including the $82,500
TIF Development Loan and a separate $82,500 CDBG Loan to D & S
Ventures, Inc., according to the terms and conditions as set forth in the
TIF Development Agreement; and
BE IT FURTHER RESOLVED, that the City Manager, on behalf of the City of Janesville, is
hereby authorized to negotiate, draft, modify, review, enter into and amend the Agreement(s),
Note(s), TIF Development Loan, CDBG Loan, Loan Document(s) and any and all other related
documents, papers and agreements; to take whatever other actions; and to otherwise make
whatever other agreements, changes, modifications and amendments on behalf of the City the
City Manager may, from time to time, deem necessary and/or desirable to effectuate the intent
of this Resolution.
ADOPTED:
May 29, 2007
APPROVED:
~~ ~....~_.!~~"
Steven E. Sheiffer, City Manager
ATTEST:
Je
APPROVED AS TO FORM:
UJ/i~ y- :f
City Attorney n
Proposed by: City Manager
Prepared by: Economic Development Director
and City Attorney
Motion bY: Williams
Second by: Steeber
Councilmember Aye Nay Pass Absent
Brunner X
DeGarmo X
Loaschina X
Steeber x
Truman X
Wellnitz X
Williams X
Resolutions/D & S Elevator TIF 23 Loan CDBG Resolution and Council TIF Elevator CC.doc