2002-240Resolution 2002 - 240
A Resolution Approving a TIF Development Agreement with Amtec Corporation for the Sale
and Development of a 17.2 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, Amtec Corporation (hereinafter Amtec), a Wisconsin domestic corporation desires to
construct a new 45,000 sf industrial building in Tax Increment Finance (TIF) District No. 14 according
to the terms of a TIF Development Agreement attached hereto and incorporated herein as if fully set
forth; and
WHEREAS, the Common Council of the City of Janesville lawfully created TIF No. 14 on the 30th
day of January 1995, which TIF Disthct was duly reviewed and approved by all necessary boards and
commissions; and,
WHEREAS; the Plan Commission reviewed the sale of industrial properties within TI~ No. 14 at the
time this TI1c district was created, and found 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 the approval of the TIF Development
Agreement and the sale of the 17.2 acre industrial site in TIF No. 14 to Amtec to be 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 approves TIF Development Agreement with Amtec and approves the sale ora 17.2 acre
industrial site in TI]7 No. 14 according to the terms and conditions set forth in the attached
Development Agreement, and
Resolution 2002 - 240
Page 2
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
TIF 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: April 8, 2002
APPROVED:
S~n E. Sheiffer, CityqVlanager
ATTEST:
Jeag/~nn Wulf, City'Clerk-TreasUrer
APPROVED AS TO FORM:
Ci~ Aaom~y ~ / ~
Proposed by: City Manager
Prepared by: Dir. of Economic Development
MOTION BY: Murphy
SECOND BY: Steeber
COUNCILMEMBER AYE NAY PASS ABSENT
DAMRON X
WILLIAMS X
O'LEARY X
DEGARMO X
BRIEN X
MURPHY X
STEEBER X