2014-1137 Resolution No. 2014 -1137
A Resolution Approving a TIF Development Agreement with Helgesen
Holdings 1, LLC. for the construction of a 225,000 sq. ft. manufacturing and
warehousing facility located within TIF No. 35
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. 35 to stimulate industrial development projects
in the City's south side industrial park; and
WHEREAS, Helgesen Holdings I, LLC. and the City of Janesville have
negotiated a TIF Development Agreement which calls for the City to loan
Helgesen Holdings I, LLC. $1,583,640.00 for the construction of a 225,000 sq. ft.
manufacturing and warehousing facility located at 401 W. Venture Drive, by
December 31, 2016; and
WHEREAS, the Common Council of the City of Janesville finds the approval of
the TIF Development Agreement with Helgesen Holdings I, 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 $1,583,640.00 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 No. 2014 — 1137
Page 2
ADOPTED: September 22, 2014 Motion by: Kealy
Second by: Marklein
APPROVED: Councilmember Aye Nay Pass Absent
Bobzien X
�- Farrell X
Mark A Freitag, City Manager Fitzgerald X
ATTEST: Kealy X
Liebert X
Marklein X
J n Ann ulf, City Clerk -Tres urer Severson X
APPROVED AS TO FORM:
Wald Klimctyk, City Attorney
Proposed by: Economic Development Department
(RDG)
Prepared by: Economic Development Department
(RDG)