2012-906 Resolution 2012 -906
A Resolution Approving a TIF 26 Development Loan Agreement and Promissory Note
with ANGI Energy Systems for $215,000
WHEREAS, the Common Council of the City of Janesville created Tax Incremental Finance
District No. 26 in accord with Wisconsin's Tax Increment Financing Laws,
9 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 26 includes industrial and manufacturing
development and redevelopment, improvements, facility construction,
renovation, job retention and creation, and Amendment #3 y rucon, expansion, and
which includes the ability to assist
projects within 1/2 mile outside TIF 26 boundaries and related financing, incentives, payments,
loans, and actions that effectuate and /or facilitate these public purposes and goals; and
WHEREAS, ANGI Energy Systems (ANGI) is a manufacturer of natural gas compression
equipment conducting its principal business at 15 Plumb Street, City of Milton, County of Rock,
State of Wisconsin, has signed a ten (10) year lease with Badger Property Investments for
215,000 sq. ft. at 305 W. Delavan Dr. Janesville ( "Facility'), contingent upon City and state
incentives. ANGI intends to retain 108 jobs and create 25 new jobs within three years and
would like to begin production by August 1, 2012. ANGI will create an additional 8 jobs in Year
1, 9 jobs in Year 2 and 8 jobs in year using the above production starting date
WHEREAS, ANGI promises to upgrade and renovate operate the Facility, create and maintain
new employment at its Janesville Facility, and otherwise benefit and add value to the City, TIF
District, and the City's tax base, and has requested forgivable TIF 26 loan in the amount of Two
Hundred Fifteen thousand dollars($215,000), upon the terms, in the manner, and otherwise in
consideration of a standard Janesville TIF economic development forgivable loan, the terms and
provisions of which are reiterated and incorporated herein by reference as if fully set forth
verbatim, with TIF 26 projected to break -even in Year 20 (2022) and by its final year (2025) it is
projected to have a positive balance of $630,188; and
WHEREAS, there are currently sufficient positive fund balances in the TIF District 26
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 ANGI 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 City's standard ANGI Development Loan Agreement and Promissory Note once
finalized are also reiterated and incorporated herein by reference as if fully set forth verbatim;
and
3. The ANGI TIF 26 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, as from time to time amended by the City Manager; and
4. The City Manager and /or his designee(s) is /are hereby authorized to execute, enter into,
and effectuate the TIF 26 Development Loan Agreement and Promissory Note with ANGI 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: April 23, 2012 Motion by: Steeber
Second by: Liebert
APPROV D: Councilmember Aye Nay Pass Absent
Dongarra -Adams X
Farrell X
Eri J. Levi ity Manager Kealy X
Liebert X
ATTEST. Severson X
Steeber X
Voskuil
Jean A n Wulf, City Clerk -Tres r
APPROVED AS TO FORM:
& /ma y �j�
Wald Klimcz ik�Cit Attorney
Y, Y Y
Proposed by: Economic Development Director - ' ` -
Prepared by City Attorney �� --