2002-305Resolution 2002 - 305
A Resolution Approving Amendment No. 2 to the TIF Development Agreement with
T.S.B. Properties, LLC and Extending an Option to Purchase a 4.0 acre Industrial Site
In TIF No. 16 until December 31, 2004.
WHEREAS, the Common Council has authorized the use of Tax Increment Financing Districts 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 Common Council of the City of Janesville lawfully created Tax Increment Finance
District (TIF) No. 16, which TIF District was duly reviewed and approved by all necessary boards and
commissions; and,
WHEREAS, the Common Council of the City of Janesville has previously approved a TIF
Development Agreement with T.S.B. Properties, LLC, hereinafter the TSB, which granted TSB an
Option to Purchase a 4.0 Acre industrial site in TIF No. 16 until December 31,2001; and,
WHEREAS, the Common Council also approved Amendment No. 1 to the TIF Development
Agreement which extended the Option to Purchase until December 31, 2002; and,
WHEREAS, TSB and the CITY have negotiated Amendment No. 2 to the TIF Development
Agreement, which Amendment is attached hereto and incorporated herein by reference, extends the
option term until December 31, 2004 for an annual option fee of $4,000, sets forth the terms and
conditions of such development, and provides for TSB's full repayment of the City's TIF development
costs in a manner and within a time allowed by Wisconsin law; and
WHEREAS, the Plan Commission, at their meeting on December 21, 1998, reviewed the sale of land
in TIF No. 16 for industrial purposes and found such sale consistent with City plans but did not
comment on the financial aspects of any transaction; and,
WHEREAS, the Common Council of the City of Janesville finds that the approval of Amendment
No. 2 to the TIF Development Agreement granting of an option to purchase the 4.0 acre development
site within TIF No. 16 until December 31, 2004, is 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 attached Amendment No. 2 to the TIF Development Agreement with TSB
granting an option to purchase a 4.0 acre industrial site in TIF No. 16 until December 31, 2004 in
accordance with the terms of said TI~' Development Agreement; and,
Resolution 2002- 305
Page 2
BE IT FURTHER RESOLVED, that the City Manager, on behalf of the City of Janesville, is hereby
authorized to negotiate, draft, modify, review, and file all such other documents, papers, and
agreements, to take whatever other actions, and to make whatever changes and amendments to the
proposed Amendment No. 2 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.
ADOPTED: November 25, 2002
APPROVED:
Steven E. Sheiffer, City Manager
ATTEST:
Je/Ann X~'~I~', City Ciex;k-Treasur~r/
APPROVED AS TO FORM:
City Attorney /' ! / t
MOTION BY: Williams
SECOND BY: Steeber
COUNCILMEMBER AYE NAY PASS ABSENT
$TEEBER x
MURPHY X
DAMRON X
WILLIAMS X
DEGARMO X
BRIEN X
O'LEARY X
Proposed by:
Prepared by:
City Manager
Economic Development Director