2007-427
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Resolution 2007 - 427
A RESOLUTION APPROVING AN OFFER TO PURCHASE AND AUTHORIZING THE CITY
MANAGER TO ACQUIRE PROPERTY AT 1010 W. HOLMES STREET
WHEREAS, the Common Council of the City of Janesville adopted the Project Plan for
TIF No. 28 to stimulate the redevelopment of the area along the west side of Center Ave.
south of the Five Points intersection; and
WHEREAS, on July 9, 2007, the Council approved a TIF Development Agreement
with Center Avenue Development, Inc., which TIF Agreement requires the City to negotiate
an Offer to Purchase the property located at 1010 W. Holmes St. in support of a planned
32,500 SF retail shopping center to be constructed within TIF No. 28; and
WHEREAS, Sections 62.22(1), 62.11 (5), 66.1105, Subchapter XIII of Chapter 66, and
other pertinent provisions, grants and empowerments of the Wisconsin Statutes including but
not limited to Sections 66.1301 and 66 1337 all jointly and severally enable cities to
purchase, clear and dispose of properties for redevelopment and related public purposes;,
and
WHEREAS, the City of Janesville has negotiated an offer to purchase the property at
1010 W. Holmes Street in the amount of $200,000.00; and
WHEREAS, $140,000 of the funding for this acquisition will come from CDBG monies
and the remaining $60,000 will come from TIF No. 28; and
WHEREAS, on April 3, 2006 the Janesville Plan Commission reviewed the Project
Plan for TIF No. 28 and found the purchase and resale of land within TIF No. 28 for
redevelopment purposes consistent with long range City plans but did not comment upon the
financial aspects of any specific transaction; and
WHEREAS, on June 20, 2007, the Community Development Authority for the City of
Janesville reviewed the purchase of 1010 W. Holmes St. and forwarded the purchase to the
City Council with a positive recommendation; and
WHEREAS, this acquisition of 1010 W. Holmes St. is consistent with the Project Plan
for T1F No. 28 and The Downtown Plan and Revitalization Strategy and is in the best interest
of the City and of benefit to the community.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Janesville that they hereby approve the Offer to Purchase and authorize the City Manager
and/or his designee(s) to acquire and close upon the City's purchase of 1010 W. Holmes St.
on behalf of the City consistent with the above findings; and
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Resolution 2007 - 427
Page 2
BE IT FURTHER RESOLVED, that the City Manager and/or his designee(s) on behalf of the
City of Janesville is/are hereby authorized and empowered to negotiate, draft. modify, review,
execute, and enter into additional agreements, record, file and/or make minor modifications
and/or amendments to any and all documents, papers, forms. and agreements, and to take
whatever other actions as the City Manager may determine, from time to time and at any
time, necessary and/or desirable to effectuate the intent of this resolution and/or the public
good..
ADOPTED:
August 27. 2007
Malian by: Truman
Second by: Steeber
Councilmember Aye Nay Pass Absent
Brunner X
DeGarmo X
Loasching X
Sleeber X
Truman X
Wellnitz X
Williams X
APPROVED:
A~r p^-".
Steven E. Sheiffer, City Manager
APPROVED AS TO FORM:
CitYA~~ ~4
Proposed by: City Manager
Prepared by: Economic Development Director