2002-246Resolution 2002 - 246
A Resolution Approving Amendment No. 2 to the TIF Development Agreement with
Wisconsin Lift Truck Corporation Granting an Option to Purchase a 5.0 Acre Industrial Site
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, the Common Council of the City of Janesville lawfully created TIF No. 14 on the 30th
day of January 1995, which TI~ District was duly reviewed and approved by all necessary boards and
commissions; and,
WHEREAS, the Common Council of the City of Janesville has previously approved a TIF
Development Agreement granting an Option to Purchase a 5.0 acre industrial site in TIF No. 14 to
Wisconsin Lift Truck Corporation until April 30, 2001; and
WHEREAS, the Common Council of the City of Janesville has previously approved Amendment No. 1
to the TIF Development Agreement with Wisconsin Lift Truck extending the option to purchase the 5.0
acre industrial site in TIF No. 14 until April 30, 2002 for an option fee of $2,800; and
WHEREAS, the City of Janesville and Wisconsin Lift Truck Corporation have negotiated Amendment
No. 2 to the T1F Development Agreement, which Amendment No. 2 is attached hereto and
incorporated herein by reference, extends the option term until April 30, 2005 for an annual option fee
of $5,500 and sets forth the terms and conditions of planned development and provides Wisconsin Lift
Truck's full repayment of the City's TIF development costs in a manner and within a time allowed by
Wisconsin law; and
WHEREAS, Amendment No. 2 provides for the construction of a 40,000 sf manufacturing facility in
TIF No. 14, thereby increasing the value of said real and personal property thus adding to the City of
Janesville's tax base and otherwise benefiting the City and the community; and
WHEREAS; the Plan Commission reviewed the sale of industrial properties within TIF No. 14 at the
time this TIF 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
Resolution 2002 - 246
Page 2
WHEREAS, the Common Council of the City of Janesville finds the approval of Amendment No. 2 to
the TIF Development Agreement with Wisconsin Lift Truck and the granting of an option to purchase
a 5.0 acre industrial site in TIF No. 14 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 Amendment No. 2 to the TIF Development Agreement with Wisconsin Lift Truck
and approves extending the option to purchase a 5.0 acre industrial site in T1F No. 14 according to the
terms and conditions set forth in the attached Amendment No. 2, and
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 22, 2002
APPROVED:
Steven E. Sheiffer, City Manage, f/
ATTEST:
Je~n Wulf, Ci~ Cl~k-Treas~e~
~PROVED AS TO FO~:
Ci~ A~omey / t
Proposed by: City Manager
Prepared by: Dir. of Economic Development
MOTION BY: O' Leary
SECOND BY: Steeber
COUNCILMEMBER AYE NAY Pass ABSENT
STEEBER X
MURPHY X
DAMRON X
WILLIAMS X
DE GARMO X
BRIEN X
O'LEARY X