2001-142RESOLUTION 2001 - 142
A Resolution Approving Amendment No. 1 to the Option Agreement Between
The City of Janesville and Wisconsin Lift Truck for the
Sale of a 5.0 Acre industrial Site in TIF No. 14
WHEREAS, the Common Council has authorized the use of Tax Increment Financing Districts and
TIF Development agreements when the Council adopted amended Council Policy Statement No. 61
(Industrial Development Policy) on the 13th day of June, 1994; and,
WHEREAS, the Common Council of the City of Janesville lawfully created Tax Increment Finance
District (TIF) No. 14, which TIF District was duly reviewed and approved by all necessary boards and
commissions; and,
WHEREAS, the Common Council of the City of Janesville has previously approved an Option
Agreement with Wisconsin Lift Truck, Corp. hereinafter the OPTIONEE, which granted the
OPTIONEE until April 30, 2001, an option to purchase a 5.0 acre industrial site within said TIF
District for a 40,000 sf manufacturing facility, thereby increasing the value of said real and personal
property thus adding to the City of Janesville's tax base and otherwise benefiting the City and the
community; and,
WHEREAS, the OPTIONEE and the CITY have negotiated Amendment No. 1 to the Option
Agreement, which Amendment is attached hereto and incorporated herein by reference, extends the
option term until April 30, 2002 for an option fee of $2,800, sets forth the terms and conditions of such
development, and provides for the OPTIONEE=s full repayment of the City's TIF development costs
in a manner and within a time allowed by Wisconsin law; and
WHEREAS, the Plan Commission, at their December 14, 1994 meeting, reviewed the sale of land in
TIF No. 14 for industrial purposes and found such sale consistent with City plans but did not comment
on the financial aspects of any transaction; and,
WHEREAS, the Common Council of the City of Janesville finds that the approval of Amendment No.
1 to the Option Agreement, granting of an option to purchase the 5.0 acre development site within TIF
No. 14 is all 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 attached Amendment No. 1 to the Option Agreement with Wisconsin Lift Truck
Corp. granting an option to purchase a 5.0 acre industrial site in TIF No. 14 in accordance with the
terms of said Option 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, and file all such other documents, papers, and
agreements, to take whatever other actions, and to make whatever changes and amendments to the
proposed Amendment No. 1 to the Option 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.
Resolution 2001 - 142
Page 2
ADOPTED: February 26, 2001
APPROVED:
-~teven E. Sheiffer~-City Manager
ATTEST:
Jean~n Wulf, City Clerk-Treasurerd5~'
APPROVED AS TO FORM: ~'.,~.~
City Attorney '
Proposed by: City Manager
Prepared by: Dir. Of Economic Development
MOTION BY: O' Leary
SECOND BY: Brien
COUNCILMEMBER AYE NAY PASS ABSENT
SCHNEIDER X
WILLIAMS X
NOLL X
BRIEN X
MURPHY X
O'LEARY X
DEGARMO X