2001-216Resolution 2001 - 216
A Resolution Accepting Monies from the Department of Natural Resources and the Janesville
Foundation to Finance Property Acquisition; Authorizing the City Manager to Exercise an
Option to Purchase Property Located at 1405 Riverside St for $635,000 for Public Purposes;
Approving the Lease of Property at 1405 Riverside St. to Panoramic, Inc.; and Approving a
Development Agreement with Panoramic, Inc. for the Sale and Development of an 11.6 Acre
Industrial Parcel of Land in TIF No. 14 (Leach Farm)
WHEREAS, Sections 66.1105 and 66.1101 of Wisconsin Statutes authorize cities to utilize tax
increment financing to promote industry and implement economic development projects; and
WHEREAS, the Common Council has authorized the use of Tax Increment Financing Districts for
industrial site development 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, Sections 62.22(1), 62.23(17)(a), 62.23(17)(b), and Chapter 32 of Wisconsin Statutes
permit the acquisition, protection, and conservation of parkland, open space, and riverfront properties;
and
WHEREAS, the City Council has adopted a Riverfront Development Strategy that calls for the
acquisition, protection, and conservation of lands along the Rock River for parks, recreation and public
purposes, including the property located at 1405 Riverside Street in the City of Janesville, County of
Rock, State of Wisconsin; and
WHEREAS, Panoramic, Inc., a Wisconsin domestic corporation, the owner of the property at 1405
Riverside St. desires and agrees to sell their property to the City and to relocate over time to a new
industrial building to be constructed in Tax Increment Finance (TIF) District No. 14; and
WHEREAS, the Department of Natural Resources and the Janesville Foundation have promised and
committed to award grants to the City of Janesville in the amounts of $281,900 and $160,000,
respectively, toward the City's cost of purchasing the Panoramic Property at 1405 Riverside St., and
WHEREAS, the Common Council of the City of Janesville lawfully created T1F No. 14 on the 30th
day of January 1995, which TIF District was duly reviewed and approved by all necessary boards and
commissions; and,
WHEREAS, in order to facilitate the City's purchase of Panoramic's property at 1405 Riverside St.
and Panoramic's planned industrial expansion in TIF No. 14, Panoramic and the CITY have
negotiated an Option to Purchase 1405 Riverside St.; a Lease Agreement whereby the City shall lease
1405 Riverside St. back to Panoramic for a limited term; and a TIF No. 14 Development Agreement;
each consistent with the goals of the Riverfront Development Strategy and of TIF No. 14; and,
Resolution 2001 - 216
Page 2
WHEREAS, said Option to Purchase, Lease Agreement, and TIF Development Agreement, are
attached hereto and incorporated herein by reference, and set forth the terms and conditions of the
various transactions; and
WHEREAS; the Plan Commission reviewed the purchase and lease back of the property located at
1405 Riverside St. at their November 20, 2000 meeting, and reviewed the sale of industrial properties
within TIF No. 14 at the time this T1F district was created, and found such purchase, leaseback, and
sale to be consistent with City plans, but did not comment on the financial aspects of any specific
transaction; and
WHEREAS, the Common Council of the City of Janesville finds that the purchase of 1405 Riverside
St.; the lease of 1405 Riverside St. to Panoramic, Inc.; the approval of the T1F Development
Agreement which grants an option to purchase the 11.6 acre industrial site, and the planned 100,000 sf
industrial project within TIF No. 14; are each 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 they
hereby:
Reiterate and incorporate herein by reference as if fully set forth verbatim each of the
above recitals.
Authorize the acceptance ora grant in the amount of $281,900 from the Department of
Natural Resources for the purchase of the Panoramic property located at 1405 Riverside
St., Janesville, WI.
Authorize the acceptance of a grant in the amount of $160,000 from the Janesville
Foundation for the purchase of the Panoramic property located at 1405 Riverside St.
Authorize the City Manager/Administration to exercise the City's option to purchase the
property located at 1405 Riverside St. on behalf of the City of Janesville for a purchase
price not to exceed $635,000 according to the terms and conditions set forth in the
attached Offer to Purchase Agreement.
Find, anticipate and hereby make provision that monies, other than the proceeds of any
currently outstanding debt of the City, will be expended by the City with respect to the
balance of such purchase of 1405 Riverside St. The City reasonably expects to be
reimbursed for such expenditure(s) with proceeds of new debt. The maximum principal
amount of debt expected to be issued for the reimbursement of such expenditure(s) is
$193,100. This Resolution is a declaration of official intent under Treasury Regulation
Section 1.103.18.
Approve the City's lease of 1405 Riverside St. to Panoramic, Inc. according to the terms
and conditions set forth in the attached Lease Agreement.
Approve the grant to Panoramic, Inc., of Options to Purchase a 4.0 acre industrial site
and a 7.6 acre industrial site both located within TIF District No. 14 according to the
terms and conditions set forth in the attached Development Agreement
Resolution 2001 - 216
Page 3
BE IT FURTHER RESOLVED, that the City Manager, on behalf of the City of Janesville, is hereby
authorized to negotiate, draft, modify, amend, review, and file all such other documents, papers, and
agreements, to take whatever other actions, and to make whatever changes and amendments to the
Offer to Purchase, the Lease Agreement, the Development 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.
ADOPTED: December 20, 2001
APPROVED:
Steven E. Sheiffer, ' /
C~ty Manager
ATTEST:
Jean~ Wulf, C~Clerk-Treasur~
APPROVED AS TO FORM:
City Attorney ~ g
Proposed by: City Manager
Prepared by: Dir. of Economic Development
MOTION BY: Damron
SECOND BY: Mur )h~
COUNCILMEMBER AYE NAY PASS ABSENT
DAMRON X
WILLIAMS X
' O'LEARY X
DEGARMO X
BRIEN X
MURPHY X
STEEBER X