2001-194RESOLUTION NO. 2001 - 194
A RESOLUTIONAPPROVING AN OPTION AND PURCHASE AGREEMENTAND A
TIF DEVELOPMENT AGREEMENT WITH RYAN COMPANIES US, INC. FOR THE
OPTION AND SALE OF .4 51.3 ACRE and A 78 ACRE PARCEL OF INDUSTRIAL LAND
LOCATED WITHIN TIF NO. 22
WHEREAS, the Common Council has authorized the use of Tax Increment Financing Districts
and TIF Development Agreements when the Common 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 (TI]?) No. 22 in the City of Janesville, Rock County, Wisconsin, on the 27th day
of September, 1999, which T1F District was duly reviewed and approved by all necessary boards
and commissions; and,
WHEREAS, the Ryan Companies US, Inc. (hereinafter the "BUYER"), desires an option to
pumhase first a 51.3 acre industrial site and subsequently a 78 acre industrial site both located
within said TIF District 22 and both currently owned by the City of Janesville; and,
WHEREAS, the BUYER promises to construct a not less than 500,000 sfwarehousing and
distribution facility thereon in the event that the BUYER exemises its first option to purchase,
thereby improving the site, increasing the value of said real and personal property, adding to the
City of Janesville's tax base and economic diversity, and otherwise benefiting the City and the
community through such proposed industrial development project; and,
WHEREAS, the BUYER and the CITY have negotiated an Option and Purchase Agreement
(hereinafter the "Purchase Agreement') and a TIF Development Agreement (hereinafter the
"Development Agreement"), which Agreements are consistent with the goals of TIF No. 22, and
which Agreements are attached hereto and incorporated herein by reference, set forth the terms
and conditions of such development, and provide for the BUYER's full repayment of the City's
TIF development and proportional acquisition costs in a manner and within a time allowed by
Wisconsin law; and,
WHEREAS, the Plan Commission of the City of Janesville has reviewed the sale of land within
TIF No. 22 for industrial sites and found such sales to be consistent with City plans, but did not
review the financial aspects of this particular transaction; and,
WHEREAS, the CITY is authorized to enter into these agreements and fulfill its obligations
under the Agreements, pursuant to Sections 62.22(1) and 66.1101 of the Wisconsin Statutes; and
WHEREAS, the Common Council of the City of Janesville find that the granting to the BUYER
of said options to purchase the 51.3 acre and the 78 acre development sites within TIF No. 22
of said options to purchase the 50 acre and the 78 acre development sites within TIF No. 22 and
the planned developments as required by the Agreements are 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 authorizes and approves the attached Option to Purchase Agreement and the TIF
Development Agreement with Ryan Companies US, Inc. and further authorizes the subsequent
sale of and closing upon both the 50 acre and any or all of the 78 acre industrial site within TIF
No. 22 to Ryan Companies US, Inc. according to the terms and conditions set forth in said
Option to Purchase Agreement and TIF Development Agreement in the event that the Buyer
exercises one or both of said options; 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 Option to Purchase Agreement, TIF Development Agreement and/r such other documents
and agreements that the City Manager may, from time to time, deem necessary and/or desirable
to effectuate the intent of this Resolution.
ADOPTED: October 8, 2001
APPROV?ED:
5teven E. Sheiffer, City Manager
ATTEST:
/?
Je.~fi Ann '~ulf, i3]tY Clerk-~reast~
APPROVED AS TO FORM:
City Atton~ey// ' '
Proposed by: City Manager
Prepared by: Economic Development Director
and City Attorney
MOTION BY: Steeber
SECOND BY: DeGarmo
COUNCILMEMBER AYE NAY PASS ABSENT
DAMRON X
WILLIAMS X
O'LEARY X
DEGARMO X
BRIEN X
MURPHY X
STEEBER X