2007-438
Resolution 2007 - 438
A Resolution Approving a TIF Development Agreement with Spinner Venture LLC and
Authorizing the Sale of a 4.6 Acre Industrial Parcel of Land in TIF No. 14 (Leach Farm)
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 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 (Economic Development Policy) on the
13th day of June, 1994; and,
WHEREAS, Spinner Venture, LLC (hereinafter "Spinner"), a Wisconsin limited liability
company desires to construct a 30,300 sf warehouse/distribution addition to its building in
Tax Increment Finance (TIF) District No. 14 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. 14 on the
30th day of January 1995, which TIF District was duly reviewed and approved by all
necessary boards and commissions; and,
WHEREAS; the Plan Commission reviewed the sale of industrial properties within TIF No. 14
at the time this TIF district was created, 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 and the sale of the 4.6 acre industrial site in TIF No. 14 to Spinner
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 TIF Development Agreement with Spinner and approves the sale of a
4.6 acre industrial site in TIF No. 14 according to the terms and conditions set forth in the
attached Development Agreement, and
Resolution 2007 - 438
Page 2
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.
ADOPTED:
October 22, 2007
Motion by: DeGarmo
Second by: Truman
Councilmember Aye Nay Pass Absent
Brunner X
DeGarmo X
Loasching X
Steeber X
Truman X
Wellnitz X
Williams X
APPROVED:
/A~~
Steven E. Sheiffer, City anager
ATTEST:
APPROVED AS TO FORM:
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City Attorney
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Proposed by: City Manager
Prepared by: Economic Development Directro