2015-1170 Resolution No. 2015 -1170
A Resolution Approving a TIF Development Agreement with Green -Tek, Inc. and
Coextruded Plastic Technologies, Inc. for the rehabilitation of 22,000 square feet
of manufacturing and warehousing facility located within Janesville Tax
Incremental Financing District 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 Janesville Common Council have authorized the use of Tax
Incremental Financing Districts (TIDS) for industrial site development and TIF
development agreements to facilitate the manufacturing, industrial, and overall
economic benefit of the City of Janesville (CoJ) when they adopted Council Policy
Statement No. 61 (Economic Development Policy) in 1994; and,
WHEREAS, the Common Council of the CoJ created Tax Incremental Financing District
No. 32 to stimulate industrial development projects in the CoJ's East Racine Street
corridor and the City's East Side Industrial Park; and
WHEREAS, Green -Tek, Inc. and Coextruded Plastic Technologies, Inc (CPT). and the
CoJ have negotiated a certain TIF Development Agreement which, in major part, calls
for the CoJ to loan to CPT and Green -Tech a lump sum in the aggregate amount of One
Hundred Eighteen Thousand Two Hundred Fifty and 00/100 Dollars ($118,250.00) to be
used solely for the industrial and manufacturing rehabilitation and reuse of an
approximately Twenty two thousand square foot (22,000 sq. ft.) portion of an existing
building located at 3706 Enterprise Drive, by March 31, 2015, which area is zoned
industrial and manufacturing; and
WHEREAS, the Common Council of the CoJ hereby find that the approval of this
particular negotiated TIF Development Agreement with Green -Tek, Inc., and
Coextruded Plastic Technologies, Inc. (CPT) to be in the best interest and of benefit to
the CoJ, its citizens, residents, taxpayers, and the overall community;
NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of
Janesville that the Administration's negotiated TIF Development Agreement with Green -
Tek and Coextruded Plastic Technologies, Inc., and the TIF development loan
described above are hereby approved and authorized, according to the terms and
conditions set forth in the specific TIF Development Agreement, and
BE IT FURTHER RESOLVED, that the City Manager, on behalf of the City of Janesville,
and those he authorizes on his behalf is /are hereby authorized to negotiate, draft,
modify, amend, review, enter into, and file all such other documents, papers, and
agreements, take whatever other actions, and to make and enter into whatever other \
Resolution No. 2015 —1170
Page 2
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.
ADOPTED: February 9, 2015 Motion by: Marklein
Second by: Liebert
APPROVED: / Councilmember Aye Nay Pass Absent
,, A Bobzien X
� a■lt: Farrell X
Mark A. F -itag, City Manag -r - Fitzgerald X
Liebert X
ATT / Marklein X d .
,� Severson X
vid T. Godek, Deputy Clerk- Treasurer
APPROVED AS TO FORM:
Wald Klim zyk, City Attorney
Proposed by: Economic Development Division
Prepared by: Economic Development Division and
City Attorney