2002-301Resolution 2002 - 301
A Resolution Approving a TIF Development Agreement with
Lear Automotive Midwest, L.P. and Authorizing a $500,000 Development Loan
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 of the City of Janesville adopted Resolution 94-1809 creating Tax
Increment Finance (TIF) District No. 10 on September 19, 1994 in order to develop a new industrial
park on the City's east side; and
WHEREAS, the Project Plan for TIF No. 10 contemplated the use of low interest development loans to
provide incentive financing to companies that locate within the TIF District; 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 City of Janesville (hereinafter "CITY") has negotiated a TIF Development Agreement
with Lear Automotive Midwest, L.P. (hereinafter "LEAR") a copy of which is attached hereto and
incorporated herein as if fully set forth; and
WHEREAS, the TIF Development Agreement with LEAR calls for the CITY to make a $500,000
Development Loan to LEAR, according to the terms, conditions, and guarantees set forth in the
attached TIF Development Agreement; and
WHEREAS, the Common Council of the City of Janesville find the approval of the TIF Development
Agreement with LEAR, and the making of a $500,000 Development Loan to LEAR 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 LEAR and authorizes a $500,000 Development
Loan to LEAR according to the terms and conditions set forth in the TIF Development Agreement;
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 Development Loan 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 2002-301
Page 2
ADOPTED: October 28, 2002
APPROVED:
Steven E. Sheiffer, city Manager/
ATTEST:
Jean/~n Wulf, City Clerk-Treasurglf~
APPROVED AS TO FORM:
Proposed by:
Prepared by:
City Manager
Dir. of Economic Development
MOTION BY: Brien
SECOND BY: Williams
COUNCILMEMBER AYE NAY Pass ABSENT
STEEBER X
WILLIAMS X
DAMRON x
MURPHY x
DEGARMO x
BRIEN x
O'LEARY X