2002-286RESOLUTION 2002 - 286
A Resolution Approving a TIF Development Agreement with Janesville Inn and Suites
For the Redevelopment of Property Located at 201 E. Milwaukee St.
For an Extended Stay Hotel - TIF No. 23
WHEREAS, the Common Council of the City of Janesville created Tax Incremental Finance District
No. 23 on September 9, 2002 in order to stimulate the redevelopment of properties along E. Milwaukee
St. and North Parker Drive in downtown Janesville; and
WHEREAS, Janesville Inn and Suites, has proposed the renovation of the property at 201 E.
Milwaukee St.into a 28-room extended stay hotel (hereinafter the "Project"), and
WHEREAS, Janesville Inn and Suites has requested redevelopment assistance to complete this Project
consistent with the objectives and proposed expenditures set forth in the Project Plan for TIF District
No. 23; and,
WHEREAS, the City and Janesville Inn and Suites have negotiated a TIF Development Agreement
which is attached hereto and incorporated herein as if fully set forth, and which Agreement sets forth
the terms and conditions of City redevelopment assistance including:
1. The sale of a 20' by 132' strip of City-owned land on N. Parker Drive for $1.00
2. The forgiving of the1997, $168,000 land contract purchase principal balance
3. The lease of 28 parking stalls in the N. Parker Drive Parking Lot
4. The reimbursement of $180,000 in redevelopment costs; and
WHEREAS, the Plan Commission, at their October 7, 2002 meeting, reviewed the sale of the 20' by
132' strip of land on North Parker Drive and the lease of 28 parking stalls to Janesville Inn and Suites
and found such actions to be consistent with the City's TIF Project Plan and City Comprehensive Plan,
but did not review the financial aspects of the proposed transaction; and
WHEREAS, the Common Council of the City of Janesville does hereby find that the proposed TIF
Development Agreement, the sale of the 20' by 132' strip of land on north Parker Drive, the forgiving
of the 1997 $168,000 land contract purchase principal balance, the lease of 28 parking stalls in the
North Parker Drive parking lot and the reimbursement of $180,000 in redevelopment costs are each in
the best interest and to the benefit of the citizens of the community and the City;
NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of Janesville approves
the TIF Development Agreement with Janesville Inn and Suites, the sale of a 20' by 132' strip of land
on N. Parker Drive, and the forgiving of the $168,000 principal balance on the 1997 land contract
purchase agreement, and the lease of 28 parking stalls in the N. Parker Drive Parking Lot as set forth in
the TIF Development Agreement; and
Resolution 2002-286
Page 2
BE IT FURTHER RESOLVED, that the City Manager and his designee(s), on behalf of the City of
Janesville, is/are hereby authorized to close upon this transaction, to negotiate, draft, modify, review,
execute, enter into, record and/or file any and all documents, papers, forms, and agreements, to take
whatever other actions, and to make whatever minor modifications and/or amendments to the TIF
Development Agreement and Parking Lot Lease, such other writings and/or this transaction as the City
Manager may, from time to time and at any time, determine necessary and/or desirable to effectuate the
intent of this Resolution and this transaction. Page 2
ADOPTED: October 14, 2002
APPROVED:
Steven E. Sheiffer, City Manager
ATTEST:
Je~la/~n Wulf, City ~l~r~';l'reasurer~
APPROVED AS TO FORM:
City Attomey
Proposed by: City Manager
Prepared by: Economic Development Director
MOTION BY: Williams
SECOND BY: Steeber
COUNCILMEMBER AYE NAY PASS ABSENT
STEEBER X
MURPHY X
DAMRON X
WILLIAMS '--X
DEGARMO X
BRIEN X
O'LEARY X