2011-865 Resolution No. 2011 -865
A Resolution Approving the City of Janesville's Exercise of an Option to Purchase
an 84 -acre Parcel of Land Located along Highway 51 from Arthur T. Donaldson
for Industrial Site and Related Development Public Purposes
WHEREAS, the City of Janesville desires to purchase approximately Eighty -Four (84) acres of
vacant industrial land used for farming from the owner, Arthur T. Donaldson, legally described
in the City Administration negotiated Option To Purchase dated February 7, 2011, (the
"Property "), a copy of which is incorporated herein by reference as though fully set forth
verbatim; and
WHEREAS, under the terms of the Option to Purchase, the City of Janesville shall acquire
approximately Eighty -Four (84) acres of land for a purchase price in the amount of One Million
Five Hundred Twelve Thousand and 00 /Dollars ($1,512,000) with the exact purchase price
determined by the actual number of acres to be conveyed to the City as determined by a final
boundary survey; and
WHEREAS, the Common Council of the City of Janesville have previously adopted Resolution
No. 2004 -89 approving Amendment No. 1 to the Project Plan for Tax Increment District No. 22
for the purpose of expanding the industrial park to include the Two Hundred Twenty -Six (226)
acre Donaldson property; and
WHEREAS, the City of Janesville is authorized and empowered to purchase, acquire, and use
the land for industrial site and related development purposes and uses, and to enter into and
exercise the Option to Purchase Agreement, pursuant to Wis. Stats. §§ 62.11(5), 62.22 (1) and
(1m), 62.23 (17) (a), 62.23 (17) (b), 66.0101, 66.1101, 66.1105, and related statutes; and
WHEREAS, the Common Council hereby find that such purchase and uses constitute public
purpose(s) that benefit the community, and encourage and promote the development of industry,
greater employment opportunities, economic development, and the health, welfare, safety, and
good order best interests of the City, its residents, businesses, taxpayers, and visitors; and
WHEREAS, total funding for this acquisition and borrowing debt service shall be provided
through the TIF 22 and 35 Project Plans and related increment revenues; and
WHEREAS, the Janesville Plan Commission reviewed and commented favorably upon the
City's acquisition of this property for said purposes, finding same consistent with City plans and
economic development goals and purposes at their meeting on Monday, December 5, 2011,
while not making any comment upon the financial aspects of said acquisition transaction; and
will review and make recommendation(s) concerning this proposed acquisition and related
proposed amendment of the T.I.F. District 35 Project Plan for corresponding boundary and Plan
expenditure /use adjustments in February 2012.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Janesville
that they hereby approve and authorize the City Manager and/or his designee(s) to exercise the
Option to Purchase the Donaldson land and close upon and acquire the City's purchase of the
Property from the owner on behalf of the City for the above stated purposes and uses; and
Resolution 2011 -865
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; and
BE IT FURTHER RESOLVED, that the Common Council of the City of Janesville hereby
approve and authorize the City Administration to take actions necessary to provide funding for
this industrial economic development site in an amount not to exceed One Million Five Hundred
Seventy Five Thousand and 00 /100 Dollars ($1,575,000,000). No funds from sources other than
the Notes or the Available Funds identified herein and/or above are, or are expected to be,
reserved, allocated on a long -term basis, or otherwise set aside by the City for the project, except
as permitted by the Internal Revenue Code of 1986, as amended. This declaration of official
intent is consistent with the budgetary and financial circumstances of the City. The purpose of
this Resolution is to satisfy the "official intent requirement" of Treasury Regulation Section
1.150 -2; and
BE IT FURTHER RESOLVED, that the City's exercise of this Option is further contingent and
conditioned upon the City Manager receiving a fully executed and binding T.I.F. 35
Development Agreement for the same site with a form and content acceptable to the City
Administration no later than December 26, 2011.
ADOPTED: Decemb:r 22 2011 Motion by: Rashkin
/ t/ Second by: Voskuil
APPROVE 1: t Councilmember Aye Nay Pass Absent
/ / � Dongarra -Adams X
Eric J.' evitt try anager Liebert X
McDonald X
ATTEST: Rashkin X
Steeber X
��," 2 124.---)--7 a a Voskuil X
J Ann Wulf, City Clerk - Tre
APPROVED AS TO FORM:
t /_ ../ `
Wald Klimczy , ity Attorney --
Proposed by: City Administration ��
r
Prepared by City Attorney
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