2002-292RESOLUTION 2002 - 292
A Resolution Approving a TIF Development Agreement with Mulrooney Building, LLC
For the Redevelopment of Property Located at 19 N. High St. in TIF No. 24 and
Authorizing the Sale of the City-Owned Property at 103 N. High St.
For a Sale Price of $20,000
WHEREAS, the Common Council of the City of Janesville created Tax Incremental Finance District
No. 24 on September 9, 2002 in order to stimulate the redevelopment of properties along N. High St. in
downtown Janesville; and
WHEREAS, the Mulrooney Building, LLC (hereinafter the "Developer") has proposed the renovation
of the property at 19 N. High into commercial space for a restaurant and retail shops (hereinafter the
"Project"), and
WHEREAS, the Developer 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. 24; and,
WHEREAS, the City and the Developer 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 the City-owned properties at 103 N. High St to the Developer for a purchase
price of $20,000.
2. The vacation of the Wall St. right-of-way from High St. to a point 132' west of High St.
3. The reimbursement of $127,200 in redevelopment costs
4. The lease of 19 parking stalls to be constructed by the Developer at the Developer's
expense for 10-years at an annual lease rate of $2,500; and
WHEREAS, the Plan Commission, at their January 4, 1993 meeting, reviewed the sale of the property
at 103 N. High St. for redevelopment purposes and found such action to be consistent with the City's
downtown and Comprehensive Plans, 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 103 N. High St. for $20,000; the lease of 19 parking stalls to be
constructed in the Wall St. Right-of-Way; and the reimbursement of $127,200 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 TI~' Development Agreement with the Mulrooney Building, LLC, the sale of 103 N. High St.to the
Developer for a purchase price of $20,000; and the lease of 19 parking stalls in the Wall St. Right-of-
Way as set forth in the TIF Development Agreement; and
Resolution 2002-292
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 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.
ADOPTED: January 13, 2003
---Stev/en E. Sheiffer, City Man~er~/ '
ATTEST:
~ }~nn Wul~, ~ity Clerk-Treasu~r/
APPROVED AS TO FORM:
~ ~omey
CiW
Proposed by:
Prepared by:
City Manager
Economic Development Director
MOTION BY: Steeber
SECOND BY: O' Learnt
COUNCILMEMBER AYE NAY PASS ABSENT
STEEBER X
MURPHY X
DAMRON X
WILLIAMS x
DEGARMO x
BRIEN x
O'LEARY x