2014-1111 RESOLUTION NO. 2014 -1111
A RESOLUTION AMENDING A TIF DEVELOPMENT AGREEMENT BETWEEN THE
CITY OF JANESVILLE AND JANESVILLE SCHOOL APARTMENTS, LLC
WHEREAS, the City of Janesville (hereinafter the "City ") and Janesville School
Apartments, LLC (hereinafter the "Developer "), entered into a TIF Development Agreement
(hereinafter the "Agreement ") dated September 23, 1997 to facilitate the renovation of the
former Marshall Middle School located at 408 South Main Street within TIF No. 17; and
WHEREAS, the Developer has successfully completed the redevelopment of this
property into 55 apartments, and thereby increased the value of said real and personal
property adding to the City of Janesville's tax base and otherwise benefitting the City and
the community; and
WHEREAS, the original TIF Development Agreement with the Developer provided
for a $175,0000 TIF Loan, a $150,000 Wisconsin Rental Rehabilitation Program (WRRP)
Loan, and a $225,000 HOME Investment Partnership Program Loan; and
WHEREAS, the Developer has requested the City provide financial relief to the
Developer in the form of satisfaction and restructuring of outstanding promissory notes by
taking the following actions:
1. Forgive the outstanding TIF loan of $175,000 in its entirety and satisfy the
corresponding mortgage
2. Forgive the outstanding HOME loan of $225,000 in its entirety and satisfy the
corresponding mortgage
3. Restructure the outstanding WRRP loan of $150,000 under the same terms
as the current note for a period of five years, with a new maturity date of that
note being September 1, 2021
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WHEREAS, the Common Council finds that providing this financial relief is critical to
maintaining the future success of the Marshall School Apartments and the Janesville
Performing Arts Center and therefore in the City and community's best interest; and
NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of
Janesville, that it authorizes and directs the City Manager to amend the TIF Development
Agreement between the City of Janesville and Janesville Apartments, LLC;
BE IT FURTHER RESOLVED, that the City Manager, and his designees, are
hereby authorized to negotiate, draft, prepare, execute, file and modify such other
documents, papers and agreements ancillary and /or pertaining thereto and, from time to
time, to take and /or make whatever other minor actions and /or minor modifications to the
above described agreements as the City Manager and /or his designee may deem
necessary and /or desirable to effectuate the purposes of such agreements and the intent
of this resolution. y�
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Resolution No. 2014 -1111
Page 2
ADOPTED: May 27, 2014 Motion by: Marklein
Second by: Kealy
APPROVED: Councilmember Aye Nay Pass Absent , a .. 1 Bobzien X
Farrell X
Mark Freitag, City Manager Fitzgerald X
Kealy X
ATTEST: Siebert X
Marklein X
Severson X
can Ann Wulf, City Clerk -T rer
APPROVED AS TO FORM:
Tim Wellnitz, Assistant City Attorney
Proposed by: City Manager's Office
Prepared by: Jennifer Petruzzello,
Neighborhood & Community Services Director