2002-302Resolution No. 2002 - 302
A Resolution Approving an Offer to Purchase a 51-acre Parcel of Land from D & W Properties;
Approving a TIF Development Agreement with Tom Baer Properties, LLC (United Alloy) and
Approving the Sale of a 14.6 Acre Industrial Site to Tom Baer Properties, LLC (United Alloy)
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 2002-270 creating Tax
Increment Finance (TIF) District No. 25 on October 28, 2002 in order to develop a new industrial park
on the City's north side; and
WHEREAS, the City of Janesville has negotiated an Offer to Purchase a 51-Acre parcel of land for a
new TIF industrial park, from D & W Properties at a purchase price of $15,000 per acre, which Offer
to Purchase and legal description of the subject property that the City is acquiring are attached hereto
and incorporated herein as if fully set forth; 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, United Alloy, Inc., a Wisconsin domestic corporation desires to construct a new 60,000 sf
industrial building in Tax Increment Finance (TIF) District No. 25 according to the terms of a TIF
Development Agreement attached hereto and incorporated herein as if fully set forth; and
WHEREAS, the TIF Development Agreement with United Alloy, Inc. calls for the City to convey a
14.6 acre industrial site to United Alloy, Inc., according to the terms, conditions, and guarantees set
forth in the attached TIF Development Agreement which contains the legal description of the real
property parcel that the City is selling to United Alloy, Inc., both incorporated herein as if fully set
forth; and
WHEREAS; the Plan Commission reviewed the sale of industrial properties within TIF No. 25 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
WHEREAS, the Common Council of the City of Janesville find the approval of the Offer to Purchase a
51-Acre parcel of real property from D & W Properties, Inc., the TIF Development Agreement with
United Alloy, Inc, and the sale of the 14.6 acre industrial site in TIF No. 25 to United Alloy 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:
1.
Approves the Offer to Purchase a 51-Acre parcel of land from D & W Properties
Inc. for a purchase price of $15,000 per acre using funds from TIF No. 25.
Approves the TIF Development Agreement with United Alloy, Inc.
Approves the sale of a 14.6 acre industrial site to United Alloy, Inc. according to
the terms and conditions set forth in the TIF Development Agreement.
Resolution 2002-302
Page 2
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
Offer to Purchase Agreement, 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.
ATTEST:
Jean/)tl(n V~u~, City Clerk'Trea(urer
APPROVED AS TO FORM:
Proposed by: City Manager
Prepared by: Dir. of Economic Development
MOTION BY: O'Leary
SECOND BY: Williams
COUNCILMEMBER AYE NAY PASS ABSENT
STEEBER X
WILLIAMS X
DAMRON X
MURPHY X
DEGARMO X
BRIEN X
O'LEARY X