2011-849 Resolution 2011- 849
A Resolution Approving a TIF 25 Development Loan Agreement and Promissory Note
With Developer Northwoods Holding, LLC For United Alloy, Inc. For $100,000
WHEREAS, the Common Council of the City of Janesville created Tax Incremental Finance
District No. 25 in accord with Wisconsin's Tax Increment Financing Laws, Wis. Stats. Sec. 66.1105, and
other applicable statutes, as from time to time amended or renumbered in order to stimulate the
development and redevelopment of industrially zoned properties; retain and increase employment;
construct, renovate and expand industrial facilities; and otherwise provide for the overall economic
health, welfare, vitality, and good of the community; and
WHEREAS, the Project Plan for TIF District 25 includes industrial and manufacturing development and
redevelopment, improvements, facility construction, expansion, and renovation, job retention and
creation, and related financing, incentives, payments, loans, and actions that effectuate and /or facilitate
these public purposes and goals; and
WHEREAS, United AIIoy, Inc., is located at 4100 Kennedy Road and is planning to add a 21,000 sq. ft.
addition onto their present facility of 82,500 sq. ft.; Northwoods Holdings, LLC, is a Wisconsin limited
liability corporation conducting its principal business at 89 Forest Drive, Manitowish Waters, WI 54545
and is the Owner and Developer of this manufacturing and distribution center leased to United Alloy and
will be the "Developer" in the TIF Development Agreement; United AIIoy guarantees to retain 86 full -time
jobs and shall create 22 more over a 3 -year period; job levels and construction timetable were provided
by United Alloy; the forgivable loan solely for development purposes will be for $100,000 plus $23,290.10
in interest costs for a total of $123,290.10 with an annual debt service repayment in the amount of
$12,329.10; and construction costs are estimated at $750,000; and
WHEREAS, there are currently sufficient positive fund balances in the TIF District 25 improvement and
overall project accounts, and these expenditures fall within the allowable time and scope for said
Development Agreement and expenditures; and
WHEREAS, the Common Council hereby find that the City Administration has negotiated the TIF
Development Loan Agreement and Promissory Note with United AIIoy and Northwoods Holdings upon
terms, conditions, promises, obligations, provisions, and purposes, consistent with the best interest of
and benefit to the City, all applicable laws, and Common Council industrial and economic development
policies, goals, objectives, and directives.
NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of Janesville that:
1. Each and every of the above recitals are reiterated and incorporated herein by reference as if fully
set forth verbatim; and
2. The Northwoods Holdings, LLC, and United Alloy, Inc., TIF 25 Development Loan Agreement and
Promissory Note are also reiterated and incorporated herein by reference as if fully set forth verbatim;
and
3. The Northwoods Holdings, LLC, TIF 25 Development Loan Agreement and Promissory Note, and
all expenditures, terms, conditions, promises, obligations, and provisions set forth therein are hereby
found to be in the best interest of, and for the benefit of, the City, and, therefore, are hereby both
authorized and approved; and
4. The City Manager and /or his designee(s) is /are hereby authorized to execute, enter into, and
effectuate the TIF 25 Development Loan Agreement and Promissory Note with Northwoods Holdings,
LLC, and United Alloy, Inc., on behalf of the City of Janesville; and
BE IT FURTHER RESOLVED, that the City Manager and /or his designee(s), on behalf of the City of
Janesville, is /are hereby authorized to administratively negotiate, draft, execute, review, enter in, modify,
amend, record, file, and otherwise effectuate the above agreements and promissory note, and /or to
make and enter into any and all other agreements, contracts, documents, papers, and forms, and /or to
take whatever other actions that the City Manager and /or his designee(s) may, from time to time and at
any time, determine necessary and /or desirable to effectuate the above transactions, agreements, and /or
above all the intent and /or purposes of this Resolution.
ADOPTED: October 24, 2011 Motion by: Rashkin
Second by: Voskuil
APPROVE Councilmember Aye Nay Pass Absent
Ny Brunner X
�' �Q� Dongarra -Adams X
Eric J. evitt, C ager Liebert X
McDonald X
ATTEST: Rashkin X
Steeber X
/. Voskuil X
Je Ann Wulf, ity Clerk-Tr e asur
AP‘P�R�OVVED AS TO FORM:
Wald Klimczorne ---
Y � Y Attorney � ---
Proposed by Economic Development Director ` , _ _ _
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Prepared by City Attorney - - - e-.