2013-1060 Resolution 2013 -1060
A Resolution Approving a TIF Development Agreement with United Alloy
Inc. for the construction of a 112,500 sq. ft. expansion to their existing
facility in TIF No. 25
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 Council Policy Statement No. 61
(Economic Development Policy) in 1994; and,
WHEREAS, the Common Council of the City of Janesville created Tax
Incremental Finance District No. 25 to stimulate industrial development projects
in the City's north side industrial park; and
WHEREAS, United Alloy Inc. (hereinafter "UAI" and the City have negotiated a
TIF Development Agreement which calls for the City to loan UAI $887,460 for the
purchase of 7 acres of land, the construction of a 112,500sq. ft. expansion to
their existing facility located at 4100 Kennedy Road, the retention of one hundred
(100) current full -time employees, and the creation of forty (40) new full -time
employees by December 31, 2017; and
WHEREAS, the Common Council of the City of Janesville finds the approval of
the TIF Development Agreement with UAI 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 the TIF Development Agreement with UAI and
authorizes the loan of $887,460.00 according to the terms and conditions set
forth in the TIF Development Agreement, 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.
Resolution 2013 — 1060
Page 2
Motion by: Kealy
ADOPTED: November 25, 2013 Second by: Voskuil
Councilmember Aye Nay Pass Absent
APPROVED: Marklein X
Farrell X
4 11111P- - 1-' . X
Ja•ob J. Winzenz, Actin:r'° y M. iebe - • er
Liebert X
ATTEST: Severson X
Fitzgerald X
Voskuil X
J- an Ann Wulf, City C erk- Tr-:surer
APPROVED AS TO FOR .
City Attorney
Proposed by: Economic Development
Department
Prepared by: Economic Development
Department (ACH)