2014-1123 Resolution 2014 -1123
A Resolution Approving a TIF Development Agreement with Spinner Venture LLC
for the construction of a 16,700 sq. ft. expansion to their existing facility located
within TIF No. 32
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 has authorized the use of Tax Increment Financing
Districts for industrial site development and TIF Development agreements when the
Council adopted Council Policy Statement No. 61 (Economic Development Policy) in
1994; and,
WHEREAS, the Common Council of the City of Janesville created Tax Incremental
Finance District No. 32 to stimulate industrial development projects in the City's east
side industrial park; and
WHEREAS, Spinner Venture LLC and the City of Janesville have negotiated a TIF
Development Agreement which calls for the City to loan Spinner Venture LLC.
$111,684.00 for the construction of a 16,700 sq. ft. expansion to their existing facility
located at 4201 Capital Circle, the retention of twelve (12) current full -time employees,
and the creation of ten (10) new full -time employees by July 1, 2018; and
WHEREAS, the Common Council of the City of Janesville finds the approval of the TIF
Development Agreement with Spinner Venture LLC 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 approves the TIF Development Agreement with Spinner
Venture LLC and authorizes the loan of $111,684.00 according to the terms and
conditions set forth in the TIF Development Agreement, and
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 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 2014 —1123
Page 2
ADOPTED: July 14, 2014 Motion by: Kealy
Second by: Bobzien
APPROVED: Councilmember Aye Nay Pass Absent
Bobzien X
Mark A. reitag, City Manager Farrell X
Fitzgerald X
ATTE Kealy X
Liebert X
Marklein X
David T. Godek, Deputy City Clerk- Treasurer Severson X
APPROVED AS TO FORM:
-47/
Wald Klimczy , City Attorney
Proposed by: Economic Development Department
(ACH)
Prepared by: Economic Development Department
(ACH)