2000-52RESOLUTION 2000 - 52
A RESOLUTION APPROVING THE SALE OF A 1.73 ACRE PARCEL OF LAND LOCATED ON
VENTURE DRIVE WITHIN TIF NO. 16 TO
WISCONSIN POWER AND LIGHT COMPANY FOR $43,250
WHEREAS, the Common Council of the City of Janesville lawfully created Tax Increment Finance
District (TIF) No. 16 as amended on the 28th day of December, 1998, which TIF District was duly
reviewed and approved by ail necessary boards and commissions; and,
WHEREAS, said TIF District No. 16 was created for the purpose of developing fully improved
industriai sites to stimulate industrial development in the City of Janesville; and,
WHEREAS, the Wisconsin Power & Light Company, hereina~er the BUYER, desires to purchase a
1.73 acre industrial site within said TIF District and construct an electrical substation thereon to
improve electrical service to the residents and businesses in Janesville and otherwise benefiting the City
and the community; and,
WHEREAS, the BUYER and the CITY have negotiated an agreement to sell said industrial site under
the terms of an Offer to Purchase Agreement (hereinafter the "Agreement") that is consistent with the
goais of TIF No. 16, which Agreement is attached hereto and incorporated herein by reference, sets
forth the terms and conditions of such development, and provides for a sale price of $43,250 for the full
repayment of the City's TIF development costs in a manner and within a time allowed by Wisconsin law;
and
WHEREAS, the City of Janesville Plan Commission reviewed the sale of industriai sites within TIF No.
16 at their December 21, 1998 meeting and found such sales to be consistent with City plans, but did
not comment on the financial aspects of the proposed transaction; and,
WHEREAS, the Common Council of the City of Janesville finds that the sale and development of the
1.73 acre development site within TIF No. 16 are ail 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 Offer to Purchase Agreement with the Wisconsin Power and Light Company and
authorizes the saie of a 1.73 acre industriai site within TIF No. 16 for $43,250; and
Resolution No. 2000 - 52
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
Offer to Purchase 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: May 22, 2000
APPROVED:
~teven E. Sheiffer, ~'~ty ha" agx4-
,?l~an An~ ~qUl ,~i[y Clerk-Treasurer-d~j/
APPROVED AS TO FORM: /fram 'g'. O 49
City Attorn[y p, /r t
Proposed by:
Prepared by:
City Manager
Economic Development
Department
MOTION BY: Schneider
SECOND BY: Noll
COUNCILMEMBER AYE NAY PASS ABSENT
MURPHY X
DE GARMO X
WILLIAMS X
BRIEN X
O'LEARY X
NOLL X
SCHNEIDER
X