2007-420
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Resolution 2007 - 420
A Resolution Approving a TIF Development Agreement with Center Avenue
Development, Inc. for the Development of a Retail Center on Center Ave. in TIF No. 28
WHEREAS, Sections 66.1105 and 66.1101 of Wisconsin Statutes authorize cities to utilize tax
increment financing to promote and implement economic development projects; and
WHEREAS, the Common Council has authorized the use of Tax Increment Financing Districts
for economic development and TIF Development agreements when the Council adopted
amended Council Policy Statement No. 61 (Economic Development Policy) on the 14'h day of
November, 2006; and,
WHEREAS, Center Avenue Development, Inc., desires to construct a new 32,500 sf retail
center facility in Tax Increment Finance (TIF) District No. 28 according to the terms of a TIF
Development Agreement attached hereto and incorporated herein as if fully set forth; and
WHEREAS, the Common Council of the City of Janesville lawfully created TIF No. 28 on the
24'h day of April, 2006, which TIF District was duly reviewed and approved by all necessary
boards and commissions; and,
WHEREAS; the Plan Commission reviewed the purchase and sale of development properties
within TIF No. 28 at the time this TIF district was created and amended, and found 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 finds the approval of the TIF
Development Agreement in support of the proposed retail center project in TIF No. 28 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 the TIF Development Agreement with Center Avenue Development, Inc. for
the development of a retail center on Center Ave. in TIF No. 28 according to the terms and
conditions set forth in the attached 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, 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 Option to Purchase
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.
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Resolution 2007 - 420
Page 2
ADOPTED: July 9. 2007 Motion by: Steeber
Second by: Truman
APPROVED: Councilmember Aye Nay Pass Absent
~_ z:-" ~ Brunner X
DeGarmo X
Steven E. Sheiffer, City anager Loasching X
Steeber X
Truman X
Wellnitz X
Williams X
APPROVED AS TO FORM:
ulA(~
City Attorney
Proposed by: City Manager
Prepared by: Dir. of Economic Development